Sergio Marchionne, who runs both Fiat and Chrysler, said on Monday that the US auto maker would refinance its onerous US and Canadian government debt by June.

Also on Monday, he confirmed Fiat, which currently owns 30 percent of Chrysler, wanted to get a majority stake in the US group by the end of 2011, but did not elaborate on the steps needed to achieve this goal.

In an unsourced report published on Thursday, newspaper Corriere della Sera said talks with international investment banks on refinancing the debt were at an advanced stage, paving the way for Fiat to buy a further 16 percent of Chrysler.

“This is the real goal Sergio Marchionne is working at,” Corriere della Sera said. “He wants to do it by June. He might be able to do it a bit earlier.”

Fiat declined to comment on the report.

Fiat, part of Italy’s biggest industrial group, took over management and a stake in Chrysler under a 2009 bailout accord.

It must pay back government money before it can exercise the option to pay for a 16 percent stake in Chrysler.

“It is certainly a possible outcome,” a source with knowledge of the situation told Reuters when asked about the prospect of Fiat getting 46 percent of Chrysler by June. “But it all depends on how talks with the banks turn out.”

A further five percent can be added for free once Fiat reaches the last of three milestones agreed with the US government — namely, producing a new fuel-efficient car capable of reaching 40 miles per gallon, and Marchionne has said it will only be reached in the fourth quarter of this year.