Chrysler and Fiat CEO Sergio Marchionne said he is not close to a deal to take full ownership of Chrysler yet during a press conference at Fiat's headquarters.
Marchionne said to reporters that talks were "continuing" with the United Autoworkers health care trust, VEBA, on purchasing their approximate 41.5 percent ownership of Chrysler.
The two sides have been in ongoing negotiations regarding the price of the 41.5 percent.
Marchionne's other company, Fiat, already owns 58.5 percent of Chrysler, but wants to buy them out completely to compete against companies like Toyota and General Motors, according to the Associated Press.
"VEBA wants $5 billion? They should buy a lottery ticket," Marchionne said according to Italian news agency LaPresse.
Marchionne has said on more than one occasion that Chrysler IPO would "technically" be ready before the end of 2013.
VEBA purchased its ownership of the company as part of a bailout of Chrysler back in 2009.
Chrysler paid $75 million for the right to purchase all of VEBA's stake for a capped "threshold amount," which was set at in 2009 for $4.25 billion, according to Reuters.
Marchionne passed on the Frankfurt Auto Show this week, which cause people to think it was due to the status of negotiations between Chrysler and Fiat. He blamed his no show on "work commitments" without commenting any further, according to the Associated Press.
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