Samsung denies takeover bid

SEOUL: South Korea's Samsung Motors has backed away from reports it was targeting Kia in a possible takeover bid.

A spokesman for Samsung, Han Jae-yoon, said the company was not interested in any merger and acquisition deals.

"We have no plan to seek them," he said.

Jae-yoon's statement follows a storm of controversy over a leaked internal report by the emerging carmaker suggesting the South Korean car industry needed restructuring.

This was required to avert a possible crisis stemming from over-investment and unstable demand and supply, the report said.

The Samsung report was interpreted as an attempt by the carmakers to win support for a possible hostile takeover of an existing manufacturer.

Kia Motors Corp was considered the mostly likely target.