MILAN -- Fiat does not plan to spin off its automotive business, Chairman Luca di Montezemolo said on Wednesday.
In comments to a group of reporters, later confirmed by a spokesman, Montezemolo said "No, no, no," when asked if the group would spin off the auto business.
Fiat's share price has see-sawed ahead of an expected presentation of an updated industrial plan and amid various media reports that the group may restructure its auto business.
Some newspapers have recently suggested that Fiat might pull together its entire automotive business -- from Pandas to Ferraris -- and spin it off from the rest of the group. Others have said Fiat could merge some car marques and leave others to do outside deals.
Fiat will hold a shareholders meeting on Thursday and is due to present a new version of the industrial plan to trade unions by the end of the month.