Hyundai denies reports about interest in Chrysler

It was reported Friday that Chrysler and Hyundai were in talks about a possible purchase by Hyundai into Chrysler’s assets and acquisition of the Jeep brand. Hyundai is now denying the reports saying that it has no capacity for a new acquisition and is focused on finishing construction of overseas factories.

“We have no interest in whatsoever in acquiring Chrysler, including Jeep and have not engaged in any discussions with Cerberus on this matter,” spokesman Jake Jang told Reuters. “Our hands are full now.”

Word of Hyundai being interested in Chrysler came Friday when GM’s Rick Wagoner said that the company has shelved the idea of acquiring Chrysler.

Jeep is considered to be Chrysler’s most valuable brand. It is reported that Chrysler is in the process to restart talks with Renault/Nissan who previously offered to purchase 20 percent of the struggling American automaker.

 

Source: Reuters