VW chief Berndt Pischetsrieder has denied media suggestions that his company is in direct talks with Fiat Auto management as possible partners in the restructuring deal for the ailing carmaker. But he admitted that the Audi subsidiary was in talks with Maserati about “cooperation”.

The conjecture flows from media reports that Mediobanco, the cash-rich bank which is thought to be keen to grasp control and take Fiat Auto away from the agreed restructuring deal, had posed an alternative option of hiving off Alfa Romeo into an Alfa Romeo/Ferrari/Maserati grouping.

The Mediobanco plan is thought to be a favoured option of the Italian Government which is keen for the carmaker not to go out of Italian hands via Fiat exercising its put option with GM.

Now, in Germany's Sueddeutsche Zeitung, Pischetsrieder said that there was no plan to get involved in Fiat's restructuring.

“You have understood that wrongly. There are talks between Audi and Maserati about cooperation”.

He said that the talks were initiated by Maserati.