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Chrysler sale on the table

JPMorgan, the US investment bank, will formally kick off a £7 billion auction for Chrysler as early as this week.

According to a report in The Times, JPMorgan will be sending information memorandums to a number of potential suitors.

The report follows comments made last week by DaimlerChrysler CEO Dieter Zetsche, after the company cut 13,000 jobs in the US. Zetsche said 'nothing is being ruled out in an attempt to find the best solution for Chrysler'.

General Motors is already in preliminary talks with DaimlerChrysler about an acquisition of all or part of Chrysler but is particularly interested in its Jeep and Dodge marques.

Hyundai was also named as being interested in joining potential bidders. However, the the South Korean manufacturer has already denied the rumours: "We are not considering to buy Chrysler because our hands are full."

DaimlerChrysler has declined to comment on the current speculation.

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