Fiat has completed its buyout of Chrysler, making the U.
S. business a wholly-owned subsidiary of the Italian carmaker as it gears up to use their combined resources to turn around its loss-making operations in Europe.
The company announced on January 1 that it had struck a $4.35 billion deal - cheaper than analysts had expected - to gain full control of Chrysler, ending more than a year of tense talks that had obstructed Chief Executive Sergio Marchionne's efforts to create the world's seventh-largest auto maker.
Fiat said on Tuesday that it had completed the acquisition of the remaining 41.46 percent stake in Chrysler from a retiree healthcare trust affiliated with the United Auto Workers (UAW) union. The trust, known as a voluntary employee beneficiary association, or VEBA, received $3.65 billion in cash for the stake, $1.9 billion of which came from Chrysler and $1.75 billion from Fiat.