GMAC Says: NO Interest in Tyco Capital

NEW YORK, Feb 10 (Reuters) - General Motors Acceptance Corp. said on Sunday it was not considering making an offer for Tyco International Ltd.'s financing arm.

``The chairman, John Finnegan, told me last week when I asked him, 'Definitely no interest in Tyco,''' said Jim Farmer, vice president for GMAC communications.

``He told me we've never had an interest in Tyco,'' Farmer added, saying he spoke again with Finnegan on Sunday night about the situation.

GMAC is the financial arm of top automaker General Motors Corp . The division provides not only auto financing, but is also in the business of mortgages, insurance and commercial finance.

A source familiar with the situation told Reuters last week that GE Capital, the financing arm of General Electric Co. and top U.S. banks Wells Fargo and Co. , Citigroup Inc. and FleetBoston Financial Corp. expressed interest in Tyco's financial unit Tyco Capital.

Sources also had said GMAC was interested.

All five companies declined to comment.

Tyco last month shocked investors by announcing it would split up into four publicly traded companies, a major break from its previous strategy of growing through acquisitions. After the company's stock value plummeted, though, Tyco said it would look to sell its financing unit, which has more than $50 billion of assets, instead of taking it public.

United Parcel Service Inc.and American International Group Inc. also were previously reported as possible acquirers of Tyco Capital, but both denied any interest.

Shares of Tyco International closed at $29.88 on Friday on the New York Stock Exchange, down 48 percent since Jan. 2.