Earlier this month, Fiat announced it would be acquiring the remaining shares of Chrysler owned by the VEBA, and now the brand has said the deal has been completed, making the U.S. unit a wholly-owned subsidiary of the Italian carmaker.

Acquisition of Chrysler

According to one report, on 20 January 2009, Fiat S.p.A. and Chrysler LLC announced their intention to form a global alliance.

Under the terms of the agreement, Fiat would take a 20% stake in Chrysler and gain access to its North American distribution network in exchange for providing Chrysler with technology and platforms to build smaller, more fuel-efficient vehicles in the US and providing reciprocal access to Fiat’s global distribution network

Now coming nearly five years after an alliance was struck, the acquisition gives Fiat the remaining 41.46% of Chrysler they previously didn’t own. Making Chrysler a wholly-owned subsidiary of Fiat.

Neither company has given an official statement about the merger, however Fiat and Chrysler CEO Sergio Marchionne has previously mentioned that “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 that is truly unique in terms of mix of experience, perspective and know-how, a solid and open organization that will ensure all employees a challenging and rewarding environment.”

Fiat and Chrysler together make the world’s seventh biggest auto group and the name of the merged company and the choice of location for its headquarters are due to be announced at a board meeting later this month.

Essentially the purchasing of Chrysler by Fiat opens the American market to the Italians. It’s no secret the Fiat group (Alfa Romeo, Ferrari, Lancia) want to make inroads into the United States. They have a flagship product in the Alfa Romeo 4C (pictured here) and will be a great test to see if the Americans are keen on stylish Italian motor vehicles.