Hyundai Motor shares ended up almost 4% at 39,200 won on market talk that DaimlerChrysler might expand its stake in Hyundai to 15% from the current 10%, the report said.
“DaimlerChrysler has not signalled any intention to do that,” Hyundai Motor spokesman Oles Gadacz told Reuters.
“We see no benefit to that,” he reportedly said, referring to the possibility of an increased stake by DaimlerChrysler. “We’re content with the status quo.”
Gadacz told Reuters DC was legally allowed to increase its stake in Hyundai from September of this year to 2009.
Analysts also played down the speculation, the news agency said.
“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,” Kim Sang-ik, an analyst of Daishin Securities, told Reuters.
Expectations for robust sales in the United States in August also had fanned a rise in Hyundai Motor shares, he reportedly added.
Reuters noted that Hyundai Motor chairman Chung Mong-koo recently raised his stake in the car maker, a move that spread market talk of an impending stake increase by DaimlerChrysler.
Hyundai has seen robust sales in its key US and European markets due to quality improvements and generous warranties, Reuters added.