General Motors on Friday confirmed it had no immediate plans to participate in a five billion euro recapitalisation that Fiat plans for its loss-making car division Fiat Auto, Reuters reported.

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“In our 10-Q (filing) we said that we chose not to participate and we have the option of changing that decision in the future, but at this point in time we have no plans to participate in the recapitalisation,” General Motors spokesman Jerry Dubrowski told Reuters.

“We’ve disclosed this already in the 10-Q filing which was filed over a month ago and we talked about this at the annual meeting,” he added, according to the news agency which noted that GM holds a 20% stake in Fiat Auto.

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