This is a summary. To read the whole story subscribe to BostonGlobe.com
DETROIT — Italian automaker Fiat SpA announced Wednesday that it reached an agreement to acquire the remaining shares of Chrysler for $3.65 billion in payments to a union-controlled trust fund.
Fiat already owns 58.5 percent of Chrysler’s shares, with the remaining 41.5 percent held by a United Auto Workers union trust fund that pays health care bills for retirees.
Under the deal, Fiat will make an initial payment of $1.9 billion to the fund, plus an additional $1.75 billion upon closing the deal.
Chrysler will also make additional payments totaling $700 million to the fund as part of an agreement with the UAW. The deal is expected to close on or before Jan. 20, according to a statement from Chrysler.