DETROIT (Reuters) -- General Motors said on Friday it was planning talks with Fiat SpA over the status of its agreement involving the troubled Fiat Auto unit.
In its quarterly report to the U.S. Securities and Exchange Commission, GM said it and Fiat "have discussed potential alternatives to the Master Agreement, and further discussions regarding the status of the Master Agreement are planned."
Fiat sold GM 20 percent of Fiat Auto in 2000 and won a "put" option giving Fiat the right to force GM to buy the rest from 2004. Since then, Fiat Auto has suffered huge losses, sought more investments from its bankers and launched a series of restructuring plans.
While some Fiat investors have seen the put as an emergency lifeline for the company, GM has said recently, and repeated again in its filing Friday, that the Fiat put could be "unenforceable by reason of actions Fiat has taken or may take."
GM spokeswoman Toni Simonetti said she could not elaborate on the statement in the filing.
"We have ongoing dialogue with Fiat," she said. "It's to be expected that more discussions will be held."
A spokesman for Fiat could not be immediately reached for comment. Fiat's leaders have said they believe the put is valid, but that it was only a last resort.
GM also said Fiat had told it that because it did not take part in Fiat's capital injections into Fiat Auto, its stake had fallen to 10 percent.