Great Wall Motor pours cold water on deal with Fiat

BEIJING - Great Wall Motor Co has discounted reports of an impending deal with Fiat Chrysler Automobiles NV, saying there are no talks and it may not pursue a takeover of the Italian-American car manufacturer's Jeep division.

Commenting just a day after expressing interest, Great Wall said there are "big uncertainties" whether it will continue to study Fiat Chrysler. The Baoding-based automaker said in a filing to the Shanghai Stock Exchange that its efforts have "not generated concrete progress as of now," and it hasn't established contacts with Fiat's board.

Fiat Chrysler Chief Executive Officer Sergio Marchionne stoked deal speculation last month when he said the automaker will evaluate whether to spin off some businesses. The Jeep marque anchors the company's mass-market car operations and has been a key focus of expansion. Reflecting the brand's importance, Morgan Stanley estimates Jeep is worth 20.6 billion euros ($24 billion), more than the entire group's market value.