MILAN, Italy - Fiat SpA, the Italian carmaker that helped Chrysler Group LLC emerge from bankruptcy, may wait to turn around the US business before deciding on a share sale or spinoff for its automotive division.

The Italian company's stock has risen 19 percent this month on speculation that Chief Executive Officer Sergio Marchionne may carve out Fiat's biggest unit as a new company. Fiat executives have so far sent mixed signals about whether an initial public offering of the division will take place.

A separation of the auto manufacturing operations, which generated 56 percent of Fiat's revenue last year, would give Marchionne an entity to facilitate future alliances, and a share sale would generate cash for international expansion.