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Hyundai Motor has denied it is interested in taking over Chrysler’s Jeep brand.

Reuters, citing unnamed sources, had reported on Friday that Hyundai had held talks with Chrysler owner Cerberus Capital Management about a possible buyout of the Jeep brand and possibly other assets.

“The report is not true and we are carrying out our investment as planned,” a Hyundai official told the Yonhap news agency, adding that the Korean automaker is focusing on constructing plants overseas.