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The General Motors Corporation and Fiat S.p.A. said yesterday that they had delayed by a year an accord that could have forced General Motors to buy Fiat's unprofitable automotive unit in January because of a dispute over the accord's validity.

They will postpone the agreement until Jan. 24, 2005, and put off any legal action related to their differences until Dec. 15, 2004, they said in a joint statement.

General Motors, the world's largest automaker and owner of a 10 percent stake in Fiat Auto, has said Fiat breached the 2000 pact by selling Fiat Auto's retail financing business and by its effort to raise capital for the unit. Fiat, Italy's largest manufacturer, has said its actions do not violate the agreement.

Source: NYTimes.
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