Volkswagen has expressed an interest in participating in one Mediobanco-inspired restructuring option for debt-torn Fiat Auto. The German carmaker would like to own a chunk of a hived off Alfa-Romeo/Ferrari grouping.

But with the Agnelli likely to fail today to give Mediobanco any strategic role in the company, via the proposed appointment of Bondi as chief executive, the plan may fall by the wayside.

In today's Financial Times, VW has restated its opposition to taking a stake in Fiat Auto in its current form.