As the mediation period between GM and Fiat over the 'put' option ticks down, Fiat President Luca di Montezemolo reaffirmed the board's commitment to turning the carmaker around.

"Fiat is fully committed to facing the crisis," said di Montezemolo, speaking on video during a Confindustria conference being held in Livorno this week, which was in part ,to celebrate the 60th anniversary of the trade federation body, of which he is also the President.

He admitted that Fiat was "facing an auto crisis that it is now dealing with forcefully, and with determination, but we have to take into account what this means for all of the allied industries tied to the sector.

"Through this effort with local governments and unions, we must put together an adequate plan of strategy. I can guarantee that the Turin company is committed to renewing the network of sales, of new models, and innovative development strategies in a difficult moment, not only in Italy but in Europe."

Yesterday, as the first exercise date for the disputed 'put' option, that could force GM to by Fiat Auto, finally arrived, Fiat announced that they would wait until the mediation process is completely exhausted before considering whether to activate the clause.

Mirafiori goes on temporary shut down again

The huge Mirafiori factory will stop assembling cars on the 27th February, re-opening to full production a week later on the 27th. Around 5,400 of the workers in the car body and pressing departments will be effected, along several hundred production line technicians, although a number will be reassigned. Already it has been announced that 220 workers in the pressing area will be laid off next Monday, returning to work a week later.

This follows the Turin plant's extended Christmas shut-down, and once again the workforce will be paid out of the government's 'emergency redundancy' fund.

The President of the Piedmont voices his concerns

The President of the Piedmont Region of Italy, Enzo Ghigo, was asked to comment this week on Minister Maroni's affirmation that state intervention in Fiat was not on the cards, said, "It is extremely important that the government keeps an eye on the development of the negotiations with GM.

"This is not the first time that minister Maroni has expressed this view. I say that a direct intervention by the State is not necessary, but the government must keep a close look at the development of the negotiations”.