Fiat SpA says the breakup of the equity alliance between its Fiat Auto SpA unit and General Motors Corp. is moving along on schedule.

The Italian auto maker says it expects the final cash payment of €550 million ($714 million) to be delivered no later than May 13.

“Our discussions with General Motors relating to the conclusion of the put agreement and industrial alliances are proceeding well,” Fiat Auto CEO Sergio Marchionne says in a prepared statement.

Fiat says it will transfer title to the intellectual property rights relating to its diesel engines and the 50% equity in its joint venture Polish engine plant to GM when the final payment is received.