Hyundai denies rumor about Chrysler bid as automaker goes on the market

"No thank you," Hyundai says to buying Chrysler. "We've got our hands full right now." That's a paraphrase of what a spokesman from the Korean company said in response to a report in a London newspaper that Hyundai wanted to buy Chrysler. Now the Times of London is reporting that J.P. Morgan has begun the process of auctioning off Chrysler and is preparing to send information memorandums (is that what big banks call classified ads?). The Times also says an auction could happen as early as this week.

GM appears to still be interested in buying Chrysler, or at least hasn't denied that it's interested, but a number of analysts and, for what it's worth, a number of Autoblog staffers are wondering how it would ever work. The next week or so will be very interesting for Chrysler. Several European and Asian automakers are rumored to be looking at making a bid themselves, and several investment groups are expected to do the same. Stay tuned.

[Source: The Associated Press via Yahoo, The Times of London]

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