SEOUL, Aug 29 (Reuters) - U.S.-German auto maker DaimlerChrysler AG has not signalled its intention to raise its stake in Hyundai Motor Co , South Korea's largest auto maker, Hyundai said on Friday.
Hyundai Motor shares ended up almost four percent at 39,200 won on market talk that DaimlerChrysler might expand its stake in to 15 percent from the current 10 percent.
"DaimerChrysler has not signalled any intention to do that," Hyundai Motor spokesman Oles Gadacz said.
"We see no benefit to that," he said, referring to the possibility of an increased stake by DaimlerChrysler. "We're content with the status quo."
Gadacz said the U.S.-German auto maker was legally allowed to increase its stake in Hyundai from September of this year to 2009.
Analysts also played down the speculation.
"DaimlerChrysler could buy more shares in Hyundai Motor from September under its contract with Hyundai, but it is unlikely that it will raise its stake in Hyundai any time soon, considering its current financial status," said Kim Sang-ik, an analyst of Daishin Securities.
Expectations for robust sales in the United States in August hd also fanned a rise in Hyundai Motor shares, he added.
Recently, Hyundai Motor Chairman Chung Mong-koo raised his stake in the auto maker, a move that fanned market talk of an impending stake increase by DaimlerChrysler.
Hyundai, which makes the Sonata mid-sized sedan and Santa Fe sport utility vehicle, has seen robust sales in the key U.S. and European markets due to quality improvements and generous warranties.
(With additional reporting by Kim Yeon-hee)