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Fiat has owned part of Ferrari since 1969 when it bought a 50% stake in the carmaker. Fiat has been Chrysler's parent since right after Chrysler's bankruptcy and government bailout in 2009. Fiat officially took over Chrysler last year as the two companies merged into FCA. Â© 2017 Time Inc.
In a statement, Fiat said it has agreed to pay $3.65 billion for the 41.46% of Chrysler it doesn't already own from the UAW's medical benefits trust for retirees. Fiat shares gained nearly 13% in Milan early Thursday to trade at â¬6.70, their highest level since July 2011.