Agnelli family Fiat stake dilution not inevitable

TURIN, Italy May 25 (Reuters) - The Agnelli family's stake in a spun-off Fiat SpA (FIA.MI) auto unit would not necessarily be diluted, Gianluigi Gabetti, chairman of family holding Giovanni Agnelli & C, said on Monday.

On Friday, Fiat reiterated it was looking at merging its unit Fiat Group Automobiles, including its recently acquired stake in Chrysler, with General Motors (GM.N) unit GM Europe, which Fiat wants to acquire.

This could lead to a spin-off of unit Fiat Group Automobiles and subsequent listing of a new company including the GM Europe activities, it said.

The Agnelli family controls Italy's Fiat via their ownership of quoted holding Exor (EXOR.MI), which owns 30 percent in Fiat. Gabetti is an honorary chairman of Exor.

"The dilution of Exor's stake (in the new company) is not to be taken for granted," Gabetti said, as it would depend on how the spin-off was conducted and on other shareholdings in the new company.