Fiat chairman Umberto Agnelli said this week that the group will seek compensation from alliance partner General Motors for the value of the put option to acquire Fiat Auto, which GM recently confirmed it did not intend to exercise.

GM advised its shareholders in November that the sale of assets, and capital injections into Fiat Auto from its parent after the put option was agreed, ended its obligation to complete the deal.

The term of the put option was extended to 2005 by agreement of the two firms last October.