Your new car may be imported from Detroit, *Sound from Chrysler Commercial* but the owner of the company who makes the car is in Italy.
Italian car company Fiat, who has been the majority stake holder in Chrysler since '09, agreed to purchase the remaining 41.5 percent of the company it didn't already own for a grand total of $4.35 billion.
In order to take full ownership of the Detroit automaker, Fiat had to convince the United Auto Workers' medical trust to sell its stake in the company, which took a while because the two could not agree on a price.
This deal will cost Fiat $1.75 billion and Chrysler will contribute another $1.9 billion plus $700 million in four annual payments all to the UAW. (Via YouTube / AutoMotoTV)
According to the Detroit Free Press, the CEO of Fiat and Chrysler, Sergio Marchionne has wanted to merge the companies from the beginning. (Via CBS)
"'In the life of every major organization and its people, there are defining moments that go down in the history books. ... The unified ownership structure will now allow us to fully execute our vision of creating a global automaker.'" (Via Detroit Free Press)
Back in 2009, Chrysler filed for Chapter 11 bankruptcy before being bailed out by the federal government and being turned over to Fiat.
Which CNN points out is the best thing to happen to Chrysler in some time. "Final 2013 sales figures are expected to show the company sold 2.6 million vehicles worldwide, up about 18% from 2012 and more than 70% from 2010, its first full year under Fiat's control."
And judging by the stock market. Chrysler may finally be paying some dividends back to Fiat.
"Shares of Fiat have been up today. I don't think they've had a day like this in a long time. ... The stock in Italy up almost 15 percent Simon." (Via CNBC)
Also, Bloomberg points out, Fiat has relied on Chrysler to keep it's financial head above water during Europe's recession writing without Chrysler's profits, "Fiat would have posted a 1.04 billion-euro loss."
Together Fiat and Chrysler sold 4.5 million vehicles globally in 2012.
