Fiat has no plans to buy a stake in Mazda but will move forward soon to increase its stake in Chrysler to over 60%.

John Elkann, chairman of the Italian company, played down speculation during the annual shareholder meeting of Exor, the Agnelli family’s investment company through which it controls Fiat and Chrysler.

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The speculation was sparked by last week’s announcement that Mazda and Fiat would collaborate on new versions of the MX-5 and the Alfa Romeo Spider.

Fiat, which has a 58.5% stake in Chrysler, plans to buy a further 3% starting in July, and is expected to complete its global turnaround by adding an Asian partner.

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