Daimler not currently seeking to up Hyundai stake


FRANKFURT, May 31 (Reuters) - DaimlerChrysler has no current plans to increase its Hyundai stake, a spokesman for the German-U.S. car giant said on Saturday after a magazine reported executives wanted to up its 10 percent interest.

"We have an option to do that but it's not currently on the agenda," DaimlerChrysler spokesman, Thomas Froehlich, said of the report on Saturday.

Citing "top managers" at Daimler, Der Spiegel magazine reported that company Chief Executive Juergen Schrempp was looking to build up the automakers Asian presence and that the group wanted to increase its Hyundai stake to 15 percent.

The magazine, due to appear on Monday, reported that the additional share of the South Korean car maker would cost around 200 million euros and be financed from Daimler's operating cashflow.

DaimlerChrysler's 37 percent controlling stake in Japan's Mitsubishi Motors would definitely not be increased this year, the article said.

The world's fifth largest car maker has been steadily extending its cooperation with Hyundai and Mitsubishi Motors as its seeks to cut costs and improve profitability by extending its global reach.



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