Indian automaker Tata Motors have denied reports that suggests that the auto giant is in talks with the French peer PSA Peugeot Citroen for a possible alliance.
Tata Spokesman Debasis Ray told the reporters that the news is absolutely incorrect.
Earlier German magazine Manager had reported that the Peugeot Chief Executive Philippe Varin is looking for an alternative partner if the partnership of General Motor and its European Opel division fails. A Peugeot spokesman said that they are not going to comment on the numerous rumors that are surrounding the group.
GM and Peugeot has postponed their talks amidst the doubt about the French automaker’s fading finances and government supported bailout.
Peugeot’s share rise about 3.3 percent after the report but most of their gains faded as Tata denied the facts. The stock was at 4.47 euros at 1109 GMT and changed very little until closing on Tuesday.