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Business

DaimlerChrysler to Scale Back Ties with Hyundai

German car giant DaimlerChrysler is planning to sell a 10 percent stake in South Korean carmaker Hyundai worth nearly €1 billion. A Hyundai official denied a report that Hyundai would buy back the stake from the Stuttgart-based group, but told Reuters: "As far as we know, the German carmaker is seeking to sell the stake via a block sale to other buyers." The German business daily Handelsblatt cited industry sources on Monday as saying DaimlerChrysler would sell to Hyundai. A sale would mark DaimlerChrysler's second major reversal in Asian strategy in as many months after the group cut off financial support to beleaguered Japanese partner Mitsubishi last month. Hyundai said last week it was planning to scale back its partnership with DaimlerChrsyler to work on a "project-by-project" basis rather than in a full alliance.