Fiat to buy remaining shares of Chrysler - Toledo News Now, Breaking News, Weather, Sports, Toledo

Fiat to buy remaining shares of Chrysler

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(Source: MGN Online) (Source: MGN Online)
(Toledo News Now) -

Italian automaker Fiat announced Wednesday it has made an agreement to acquire the remaining shares of Chrysler for $3.65 billion in payments to a union-controlled trust fund.

Fiat already owns 58.8 percent of Chrysler's shares. Sergio Marchionne, CEO of Fiat and Chrysler, has long-sought to acquire the union's shares in order to combine the two companies.

Fiat will make an initial payment of $1.9 billion to the trust fund, and an additional $1.75 billion upon closing the deal. Chrysler will also make additional payments totaling $700 million to the fund.

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