BUDAPEST -- Hungarian automotive group Raba denied market talk on Monday that Germany's DaimlerChrysler might buy into the firm at current low price levels.
Raba shares earlier jumped two percent in unusually high turnover on talk that DaimlerChrysler, which has a joint venture with the Hungarian firm, may want to invest in Raba.
"All I heard is a rumor that Daimler may be looking to invest in Raba," one trader said, adding: "But there's no hard evidence as yet, and the buyers are mostly small players."
Raba CEO Laszlo Steiner told Reuters Daimler had made no approach to the company about any investment intentions.
Raba set up a 30 million euro joint venture with DaimlerChrysler in 2001 to develop and make military trucks. A joint bid won a Hungarian army tender for off-road vehicles.
At the time, Raba said it would deliver about 8,000 vehicles to the army over the next 15 years.