DETROIT, MI- Fiat SpA today announced the completed acquisition of Chrysler Group LLC, making the company a wholly-owned subsidiary of the Italian automaker.

Fiat previously announced the purchase of the Auburn Hills-based

Fiat previously owned 58.5 percent of Chrysler. It purchased the remaining 41.5 percent from the United Auto Workers union trust fund that pays health care bills for retirees.

As part of the agreement, which was originally expected to close on or before Jan. 20, Fiat pays the trust $1.75 billion in cash, and Chrysler throws in $1.9 billion. The union trust will receive $3.65 billion in cash for the stake. Chrysler also committed to giving the UAW trust another $700 million over three years.

Sergio Marchionne, CEO of both of the automakers, has wanted to purchase the union's shares instead of taking the company public.

“In the life of every major organization and its people, there are defining moments that go down in the history books,” Marchionne said in a Jan. 1 statement announcing the deal. “For Fiat and Chrysler, the agreement just reached with the VEBA is clearly one of those moments.”

The UAW trust and Fiat have been arguing on the value of the remaining shares for some time.

Sergio Marchionne, left, CEO of Chrysler Group, LLC, and Fiat chairman John Elkann sits before the unveiling of the all-new Chrysler 200 midsize sedan at the 2014 North American International Auto Show, Monday, Jan. 13.

Fiat originally took stake in Chrysler as part of the 2008-2009 automotive bailout, which started under President George Bush and was expanded by President Barack Obama.

During the 2014 Detroit auto show, Marchionne said the Fiat Board of Directors will meet on Jan. 29 to discuss numerous plans, including a new name for the Michigan automaker. He reportedly said "Fiat and Chrysler" will be in the name.

Fiat is the third parent company of Chrysler in 15 years. In 1998,

Chrysler was acquired by Daimler. The German-based company than sold Chrysler to

Cerberus Capital Management, an American private equity firm, in 2007.

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Michael Wayland covers the automotive industry for MLive. Email him at MWayland@mlive.com & follow him on Twitter @MikeWayland or Google+