After meeting with its chief creditors, Fiat SpA finally confirms it may renounce the put option it has with General Motors Corp.
The company says the option remains valid but it would immediately disclose any "concrete" change to it. This is the first time the company has publicly acknowledged it was considering changing the agreement.
GM owns 20 percent of Fiat Auto and is under obligation to buy the remaining 80 percent - if Fiat wants to sell and forces GM to buy-from 2004 until 2009.
Sources say that if Fiat throws out the put, GM will inject much needed money into Fiat Auto. One option has GM paying $2 billion for an additional 10 to 20 percent stake in Fiat …
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