MILAN (AP) — Italian automaker Fiat and its main shareholder denied on Thursday a media report that the company is in merger talks with rival Volkswagen. The German carmaker also said it had no plans for mergers or acquisitions.

Shares in Fiat briefly rose 5 percent, before closing up 1 percent at 7.70 euros, after Manager Magazin in Germany reported that the main shareholders in Fiat SpA and Volkswagen AG have had a series of talks about Volkswagen taking over all or part of Fiat, which controls Chrysler.