The Agnelli family has paid €576 million to keep control of Fiat group, the Italian industrial concern that owns Fiat Auto, according to Automotive News Europe.

The Agnelli family retained its 30.06% controlling stake of Fiat group by buying an additional 87.75 million shares of Fiat stock through IFIL, the family’s holding company.

The family’s stake would have been diluted to 21.9% on September 20 when creditor banks convert into shares a €3 billion loan to Fiat group.

In consolidating their control, the Agnellis will leave Fiat’s top management unchanged.

Creditor banks were rumoured to be asking for a new Fiat group chairman to replace Luca Cordero di Montezemolo.