The Italian automaker has denied a report in Germany's Franfurter Allgemeine Zeitung that it plans to cut 18,000 jobs and close 10 factories in Europe, should it succeed in its bid to take over General Motors' European operations.

The report, based on an alleged Fiat internal communique, says car and engine factories in Britain, Italy, Belgium and elsewhere are slated for closure, while German plants would continue to operate. Meanwhile, a US bankruptcy judge has approved the Obama administration's plan to sell off assets of ailing automaker Chrysler, clearing the way for a possible partnership with Fiat.

"The Fiat Group clearly states that (the report) is not information generated by Fiat and does not form part of any plan prepared by Fiat," the company said in a statement released late Tuesday.