Italian auto maker Fiat SpA officially became Chrysler Group LLC's majority owner on Thursday, clearing the way for a complete restructuring of Chrysler's board of directors and a further merger of the two companies' management.
Fiat on Thursday reached a deal to pay the Canadian government $140 million for its small stake in Chrysler, and completed a previously announced deal to purchase the U.S. government's larger stake in the auto maker. The two moves increased Fiat's holding in Chrysler to 53.5% from 46%.
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