Hyundai , the world’s fifth largest automaker, has been subject to numerous quiet rumors over the last few days about their possible intention to acquire parts of Chrysler – specifically the Jeep brand. The Korean automaker flat out denied that they have been in talks with Cerberus Capital Management over purchasing Chrysler’s Jeep brand.
“The report is not true and we are carrying out our investment as planned,” a Hyundai official said in a press release, adding that the automaker is focusing on construction of overseas factories.
Many analysts consider Jeep to be the most valuable target in the Chrysler portfolio, thanks to strong global brand recognition. Ironically, the same was said more than 20 years ago when Chrysler acquired American Motors Corporation – primarily for the Jeep brand.
“Hyundai has nothing positive to gain with a purchase of Chrysler,” Choi Dae-sik, an analyst at HI Investment & Securities, told CNBC, however.
Hyundai’s stock was down today partially in response to the rumors.
