I say great, if they are interested that's great news. Sure, a lot of people wouldn't be happy with it but whats the point in holding them up again for this to happen all over later on down the road?
SEOUL (Reuters) - South Korea's Hyundai Motor Co (005380.KS: Quote, Profile, Research, Stock Buzz)on Saturday denied its interest in Chrysler's assets, adding it had nocapacity for a new acquisition as it focused on completing constructionof overseas plants.
On Friday, Reuters reported Hyundai had had talks with Chrysler LLCowner Cerberus Capital Management about a potential acquisition of thestruggling U.S. automaker's Jeep brand and possibly other assets,citing people with knowledge of the talks.
"We have no interest in whatsoever in acquiring Chrysler, includingJeep and have not engaged in any discussions with Cerberus on thismatter," Hyundai Motor spokesman Jake Jang said.
"Our hands are full now."
The emergence of South Korea's largest automaker as a potentialbidder for at least part of Chrysler came on the same day as GeneralMotors Corp (GM.N: Quote, Profile, Research, Stock Buzz) said it shelved its own pursuit of an acquisition of its cross-town rival.
Cerberus planned to restart talks with other potential partners for Chrysler, including Renault-Nissan, the sources said.
Jeep is considered Chrysler's most valuable asset.
Hyundai, the world's No. 5 carmaker along with affiliate Kia Motors Corp (000270.KS: Quote, Profile, Research, Stock Buzz), has a 3 percent share of the U.S. market.
It has aspirations to be a full-line auto manufacturer. Based on lowpricing and an attention-grabbing 10-year warranty, Hyundai saw sharpgrowth in U.S. sales earlier this decade.
Hyundai has plants in the United States, China, India, Turkey,Slovakia and the Czech Republic for production diversification andoverseas sales boost.
In June, it started building its St Petersburg plant in Russia withinvestment of 330 million euros ($419.4 million) for a January, 2011launch.
(Reporting by Kim Yeon-hee; Editing by Tomasz Janowski)