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MILAN, Nov 13 (Reuters) - The tie between Fiat and its controlling Agnelli family is "not unchangeable" but the clan is committed to returning the carmaker to profit, family head Umberto Agnelli said in comments published on Thursday.
Agnelli, who is also the chairman of Fiat, reiterated to France's Les Echos newspaper that he could seek financial compensation from partner General Motors Corp if it cancels an option allowing Fiat to force GM to buy its loss-making car-making arm from early 2005.
Asked by Les Echos if the Agnelli's 30-percent stake in Fiat was insoluble, Agnelli said: "It is not unchangeable."
"We are all committed to supporting Fiat's recovery and to turning it into an interesting investment alongside the other investments which Ifil is managing," he added.
Fiat makes up 30 percent in Ifil , the Agnelli family holding company which also has stakes in Sanpaolo IMI bank and soccer club Juventus . Agnelli said he had no plans to merge Ifil and sister group Ifi .
Before Agnelli became Fiat chairman earlier this year he had often raised the possibility of selling Fiat Auto, which dragged the entire industrial group to its worst ever loss last year.
But since he took the helm at the group founded by his grandfather 104 years ago, he has sold other assets to fund a recovery of the car arm which now plans to hit profit in 2005.
Fiat has an option to sell its 90-percent stake in Fiat Auto to GM from 2005 but the U.S. car giant argues that steps Fiat took to raise money at the auto unit break the rules of their original agreement and is trying to cancel the "put" option.
"We have explained to them that right now that would put us in a very difficult position with the banks and rating agencies," Agnelli was quoted as saying. The put option was key to banks handing Fiat a three billion-euro loan last year.
"Our negotiations (with GM) have barely started. Logically it could involve financial compensation but we could find other solutions," Agnelli said, adding GM feels it "needs to get out of (the put)".