Any dilution of General Motors’ stake in Fiat Auto during an on-going recapitalisation would not nullify a “put” option that could see it forced to buy out the company, the head of GM told Reuters on Friday.

Asked if a recapitalisation would dilute GM’s 20% stake in loss-making Fiat Auto, GM chief executive Rick Wagoner told Reuters: “All else being equal, it normally would — you just have to do the maths”.

Asked if the dilution would nullify the “put” option that allows Fiat to sell GM its 80% stake from next year, Wagoner replied “No”, Reuters said.