Fiat chief executive Giuseppe Morchio reportedly said on Friday that a disagreement with General Motors over an option which it could force it to buy Fiat’s auto business would not affect their joint ventures.

According to Reuters, when asked about media reports that Fiat could dissolve its joint venture with GM in powertrains in exchange for cancelling the put option, Morchio said: “It absolutely does not change our joint ventures from our point of view.”

“Last year synergies from the jvs totalled €600 million each and we confirm that should rise to €1 billion in 2006,” he reportedly added.