DaimlerChrysler and the Hyundai Motor Company will hold company board meetings to approve an alliance between the two car manufacturers, according to Hyundai`s president.

Reports of the alliance however, from the Yonhap News Agency, brought a muted response from DaimlerChrysler who were unavailable for comment. Hyundai Motor, a unit of the Hyundai Group, were also playing it safe by not confirming the meeting, set for June 24th.

Also, news that Hyundai was in the process of making a separate bid for Daewoo, prior to the June 26th deadline, was neither confirmed nor denied by a Hyundai spokesman.

However, by creating a consortium with DaimlerChrysler in bidding for Daewoo, Hyundai hopes to overcome Korean Government opposition to Daewoo being swallowed up by its larger competitor.