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NEW YORK (TheStreet) -- Shares of Fiat (FIATY) are up 1.95% to $10.48 after the company denied a magazine report saying it's in merger talks with Volkswagen (VLKAY) , while the German carmaker said it had no takeovers on its agenda, Reuters said.

Germany's Manager Magazin, citing unnamed sources,  said that Volkswagen Chairman Ferdinand Piech had held talks with the owners of Fiat Chrysler about buying all or part of the group that was formed this year from the merger of Italian and U.S. car makers, Reuters added.

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