Fiat Chrysler Automobiles is considering a plan to spin off the upmarket Maserati and Alfa Romeo brands as well as its components operations.

The moves would focus the Italian-American company on mass-market cars to make Fiat Chrysler more attractive for a potential combination with a competitor.

The luxury car operations could be worth as much as €7 billion, while Magneti Marelli and other parts businesses are valued at up to €5 billion, analysts estimate.

Discussions among executives are progressing, with several options still under consideration, including just separating one or more of the component units, which also include Teksid and Comau.

A final decision may not be made until early 2018. Fiat Chrysler declined to comment.

The plan is also meant to unlock value for the Agnelli family and other shareholders as the company continues to underperform peers. Goldman Sachs Group estimates that Fiat Chrysler’s businesses are worth about €50 billion on their own, double the group’s current enterprise value.

Chief executive Sergio Marchionne (65) is preparing his final five-year business plan before he leaves in 2019. – Bloomberg