Fiat S.p.A. and General Motors are renegotiating the put option that gives Fiat the right to sell its remaining stake in Fiat Auto.
GM wants the option cancelled in exchange for helping with a recapitalization. In addition, GM would double its stake in Fiat Auto to 40 percent only in exchange for some assets.
But the Fiat Group is open only to delaying the put exercise date to 2007 or 2008. Fiat sources say it would not accept cancellation of the put. Also, Fiat wants GM to pump up to $2.1 billion into Fiat Auto, without giving away assets.