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Finland's Wärtsilä Corporation has confirmed that there are 'no ongoing discussions with Rolls-Royce' following recent media reports suggesting the UK-headquartered firm is in talks to buy Wärtsilä's marine propulsion unit.

In a statement issued today, Wärtsilä said: "Wärtsilä Corporation notes the recent speculation about a potential transaction between Rolls-Royce Plc. and Wärtsilä.

"We confirm the approach by Rolls-Royce with a preliminary proposal for a possible offer for the company. In case the company receives such proposals, the Wärtsilä Board has an obligation to evaluate such proposals.

"However, we confirm that there are no longer ongoing discussions with Rolls-Royce."

Wärtsilä is said to have rejected other approaches for its marine propulsion unit in the past due to the perceived potential for growth. In 2012, the ship power unit accounted for 28 percent of group net sales.

Rolls-Royce is the world's second-largest maker of aircraft engines behind U.S. group General Electric. In the marine market, Rolls-Royce is involved in the the design, supply and support of power and propulsion systems. The company is a leader in the integration of technologically complex systems for offshore oil and gas, merchant and naval surface and submarine vessels.

In November, Rolls-Royce lowered its profit guidance for its marine business from modest growth to broadly flat. The company generated 18 percent of its 2012 revenue from the marine division.

Wärtsilä is a leading provider of products, solutions and services for the shipping industry. The company manufactures and services power sources and other equipment in the marine and energy markets. Products and services include: ship design, main and auxiliary engines, auxiliary power systems, electrical and automation packages, propulsors, propellers, seals, bearings, gears, rudders, scrubbers, boilers, and related services such as repair, configuration, upgrading, training, maintenance, and environmental services.