Fiat has put an end to speculations saying that the Italian carmaker will be acquiring shares in Mazda. The speculation was inspired by the announcement made last week of the two carmakers. The announcement stated that Alfa Romeo and Mazda will be working together to produce the next generation of their respective sports cars.

Fiat Chairman John Elkann, during the annual shareholder meeting of Exor, said that the Italian car company is not interested in buying Mazda. Exor is the Agnelli family’s investment company that controls Fiat and Chrysler.

Currently, Fiat owns 58.5% in Chrysler and intends to increase its shares by 3% starting in July. Fiat eventually wants full control over Chrysler; no further details were given. Fiat is also expected to add an Asian partner to conclude its global turnaround.

Source: Automotive News