SEOUL -- General Motors CEO Rick Wagoner said Wednesday that it now is up to Fiat S.p.A. to make the next move, after the two automakers held a series of discussions.
There has been mounting speculation that GM could step in and help the struggling Italian automaker.
Fiat is believed to be seeking as much as $2 billion from GM to bolster Fiat Auto's depleted finances.
"We've held a number of discussions with Fiat," Wagoner told Reuters on the sidelines of a press conference for GM's South Korean unit GM Daewoo.
"I don't want to make any speculation. The next move is up to Fiat," he said.
Media reports have said that in return for a cash injection, GM would see its 20 percent stake in Fiat Auto rise to as much as 40 percent and Fiat would also cancel or delay on option to sell to GM the 80 percent of the auto division it does not already own from next year.
GM bought a 20 percent stake in Fiat Auto in 2000 for $2.4 billion, but last year wrote down its stake to about $220 million in a sign of the slumping fortunes of the Italian company.
GM has remained silent regarding its latest moves over Fiat, prompting some analysts to see a parallel with the U.S. automaker's strategy in lengthy negotiations to buy key assets of South Korea's Daewoo Motor Co.
Initially, many analysts thought GM would pay billions of dollars for the bankrupt Daewoo, but as talks dragged on for more than a year and Daewoo continued to deteriorate, GM ended up buying a controlling 42.1 percent stake in Daewoo for just $251 million last year.