DaimlerChrysler wants co-operation instead of a merger
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Carmaker DaimlerChrysler has ruled out taking a stake in rival Volkswagen.
Its comments came days after Daimler admitted that the two German firms had previously discussed a possible merger.
Yet the head of Daimler's luxury Mercedes unit, Dieter Zetsche, said the two companies would continue to hold talks about future co-operation.
This could include jointly developed new vehicles or future shared engines. Fellow German carmaker Porsche is planning to increase its stake in VW.
Porsche said a week ago that it wished to boost its stake in VW from the current 5% to 20% to help prevent any hostile takeovers that could threaten their business links.
DaimlerChrysler and VW shares both rose in Monday trading in Frankfurt.