As any potential big deal remains on hold, Fiat Chrysler Automobiles NV will push ahead with its plan to separate from its components business, CEO Sergio Marchionne announced. Cooling speculations of a pending deal to partner with a competitor, Marchionne told reporters that the company didn’t receive any approach or offer for a tie up.

Marchionne also announced that the upscale Alfa Romeo and Maserati brands were not ready to be independent, which h put the near-term spotlight on smaller portfolio adjustments.

Speaking on the topic, he added, “There are some activities at the component businesses which don’t belong. The group must be purified from those assets.”

Fiat Chrysler has been struggling to eliminate 4.2 billion euros (US$5 billion) in debt by 2018’s end as part of its bigger plan to make more than 4.7 billion euros of adjusted net income.

Stock in the Italian-American auto giant dropped nearly 3.6 per cent to 13.17 euros, marking the steepest intraday fall since 29th of June.