MILAN Jan 21 Fiat said on Tuesday it
had completed the acquisition of shares in Chrysler it did not
previously own, making the U.S. unit a wholly-owned subsidiary
of the Italian carmaker.
The company announced on Jan. 1 that it had struck a $4.35
billion deal to gain full control of Chrysler, ending more than
a year of tense talks that had obstructed Chief Executive Sergio
Marchionne's efforts to combine the two automakers'
Fiat bought the remaining 41.46 percent stake in Chrysler
from a retiree healthcare trust affiliated with the United Auto
Workers union. The trust, known as a voluntary employee
beneficiary association or VEBA, has received $3.65 billion in
cash for the stake, $1.9 billion of which came from Chrysler and
$1.75 billion from Fiat.
Chrysler has also committed to giving the UAW trust another
$700 million in four equal annual installments, the first of
which was paid in connection with the deal closure, Fiat said.