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The company hasn't even been approached by a potential buyer.

The rumors claiming a large Chinese automaker was weeks away from buying Fiat-Chrysler Automobiles (FCA) were overblown, according to company CEO Sergio Marchionne.

Speaking to Automotive News on the sidelines of the Italian Grand Prix, Marchionne said he's not working on a "big deal" to sell FCA right now. He hasn't even been approached by a potential buyer, which signals China's Great Wall still hasn't managed to make contact with FCA's top executives.

Marchionne stressed he's working on a plan to spin off parts of FCA's business. The first divisions to get axed will be the ones which manufacture components.

"There are activities within the group that do not belong to a car manufacturer, for example the components businesses. The group needs to be cleared of those things," he explained. The divisions -- which likely include Magneti Marelli -- will be divested by the end of next year.

He didn't deny the rumors claiming Maserati and Alfa Romeo will be sold to generate cash and "purify" FCA, but he explained the timing isn't right. The brands need to "have the muscle to stand on their feet, make sufficient cash" before he would consider a sale. He didn't provide a more specific time frame.

"The way we see it now, it's almost impossible, if not impossible, to see a spin-off of Alfa Romeo/Maserati. These are two entities that are immature and in a development phase. It's the wrong moment, we are not in a condition to do it," he added.