Fiat Group's new chairman Umberto Agnelli told journalists at the Geneva Motor Show yesterday that he hoped the company would never have to exercise the option to sell 80 per cent of the company to GM.

"I do not think we will exercise the put in the near term, and we hope never to exercise it,'' he said.

Agnelli said he hoped to convince GM to participate in a planned recapitalisation of Fiat's auto business worth up to €5 billion ($5.5 billion).

"A lot depends on GM's financial situation.''