AUBURN HILLS (WKZO) -- The sale of Chrysler to Fiat is now complete.
The Italian automaker announced Tuesday they have purchased the remaining shares of Chrysler for 4.35-billion dollars from UAW Retiree Medical Benefits Trust. The sale was delayed one day because of the Martin Luther King Jr. holiday Monday.
The sale also ends the lawsuit between Fiat the union over the value of the shares. Under terms of the agreement, Chrysler will pay 1.9-billion while Fiat will pay 1.75-billion dollars for the shares. Chrysler will also pay an additional 700-million dollars over the next four years.