NEW YORK -- General Motors on Friday reiterated it had no immediate plans to participate in a five billion-euro recapitalization that Italian carmaker Fiat plans for its loss-making car division Fiat Auto.
GM holds a 20-percent stake in Fiat Auto, the industrial group's core car arm, which is lurching through the worst crisis in its 104-year history.
Fiat is set to unveil a new restructuring plan in June to be financed in part by the recapitalization. Without an estimated one billion euro contribution from GM, the world's biggest carmaker, Fiat would likely have to find other investors to stump up the cash.
"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 recapitalization," said GM spokesman Jerry Dubrowski.
"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 said.
Fiat stock has fallen 10.2 percent so far this year.
