How do you say 'Hemi' in Italian?

U.S. automaker Chrysler will become fully owned by Italy's Fiat under terms of an agreement announced Wednesday that also involves the United Auto Workers union. 

The agreement comes more than 4-1/2 years after the Obama administration brought Fiat in to keep Chrysler in business as part of a packaged bankruptcy proceeding. 

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.

Sergio Marchionne is chief executive of both Fiat and

Chrysler

Fiat shares gained nearly 13% in Milan early Thursday to trade at €6.70, their highest level since July 2011. 

In addition to the deal, Chrysler will contribute $700 million to the benefits trust over a 4-year period. For its part, the UAW has agreed to support the automaker's plans to roll out vehicles and will drop a Delaware court proceeding over options exercised by Fiat in the acquisition of Chrysler.

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