Fiat’s newly named chairman Umberto Agnelli said on Thursday he did not expect to exercise a put option to sell most of Fiat Auto to US partner General Motors soon, adding that he hoped never to have to do so, Reuters reported.

The news agency said Agnelli also told reporters on the sidelines of the Geneva motor show that he hoped to convince GM to participate in a planned recapitalisation of Fiat Auto, but that he was not sure they would do so.

“It very much depends on GM’s financial situation,” Agnelli said, according to reporters. “I hope to convince them to participate in the recapitalisation but it’s not certain that they will.”

Reuters said that Agnelli, who is to meet with GM CEO Richard Wagoner and its chief financial officer, said he was interested in “working on an industrial programme” with GM.