Hyundai not interested in Jeep Division

Hyundai Motor Company, South Korea’s largest automaker, denies media reports that it is in talks with Cerberus Capital Management about purchasing Chrysler’s Jeep Division.

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

The company added that its resources are focused on its own expansion, including a new plant in St. Petersburg, Russia.

Since General Motors announced it was shelving plans for a “strategic acquisition” on Friday, sources say Cerberus has been exploring options for mergers or sales of Chrysler’s automotive operations. These may include reopening negotiations with the Renault-Nissan alliance, though this option would not bring any cash to the table.