Chrysler rules out selling individual brands

GM, Chrysler receive $8 billion

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DETROIT (Reuters) -- Chrysler LLC Vice Chairman Tom LaSorda Wednesday said the No. 3 U.S. automaker would not sell an individual brand like Jeep but said it would pursue deals to sell off tooling for models going out of production, or even licensing production of current models.

LaSorda, who was speaking to reporters on a conference call, was responding to a Reuters report from Tuesday that cited people with knowledge of the discussions as saying that Chrysler had been in talks to sell assets to Renault-Nissan and auto parts supplier Magna International.

"This company is going to be around. We are not going under," LaSorda said.

LaSorda said Chrysler had not had any discussions with Renault SA , which owns a 44% interest in Nissan Motor Co Ltd . He said consideration of any sale of the automaker would be the responsibility of its owner, private equity firm Cerberus Capital Management LP , and would have to be approved by U.S. officials under the terms of Chrysler's $4-billion U.S. government bailout.