Fiat completes acquisition of Chrysler in multi-billion dollar deal

A hostess poses in front of a Fiat 500 during the first media day of the 83rd Geneva International Motor Show, Switzerland, Tuesday, March 5, 2013. The Motor Show will open its gates to the public from March 7 to 17. (AP Photo/Laurent Cipriani)

MILAN, Italy -- The Italian carmaker Fiat says its acquisition of the final Chrysler stake is complete, making the U.S. car company a wholly-owned subsidiary of Fiat.

Fiat SpA said Tuesday that it closed the deal announced Jan. 1 with the cash payment of $1.75 billion to a union-controlled trust fund. That's on top of an initial $1.9-billion payment, which was arranged through a special distribution from Chrysler. Fiat also made the first installment on an additional $700 million payment.

Fiat has been running Chrysler since 2009, but lacked full control until Fiat-Chrysler CEO Sergio Marchionne won a hard-fought deal with the minority stakeholder. The deal gives Fiat a freer hand to push deeper integration and decide where the joint company will be based and listed, as well as its name.