Fiat has done everything it possibly can to satisfy the US government that its proposed alliance with Chrysler LLC is the best way forward for the ailing American carmaker, that is the view of Fiat Group CEO Sergio Marchionne.

“We have done everything we were supposed to do regarding our Chrysler proposal," said Marchionne yesterday on the sidelines of the annual general meeting of SGS Group in Geneva. "I flew to the U.S. twice for long talks with the president's automotive task force,” Marchionne said. “Now is up to them to decide.” SGS Group is the world’s leading inspection, verification, testing and certification company, Marchionne is the Chairman.

Under the terms of the deal announced in January, Fiat will take a 35 percent stake in Chrysler in exchange for supplying its efficient new technology and smaller car platforms. Fiat has an option to raise this equity stake to 55 percent in the future for a nominal sum. “It is useless being optimistic until there is an [official] announcement,” he added. “The market is a chessboard [and the action] moves at the speed of light. I think we did our best and that we could have not done more. I have peace of mind.”

Chrysler is currently being propped up by a US$4 billion loan authorised late last year by the US Treasury Department and is seeking a further US$5 billion to keep it afloat. Last week Chrysler LLC Chairman Robert Nardelli valued Fiat's input as being worth around US$8-10 billion.