|Published:||May 27, 2011 5:39 PM EDT|
|Updated:||May 27, 2011 5:40 PM EDT|
DETROIT, (AP) - Italian automaker Fiat says it intends to buy the U.S. government's remaining 6 percent stake in Chrysler.
Chrysler would be free of U.S. government ownership if the sale goes through.
Fiat said Friday it notified the Treasury Department that it will take an option to buy the shares. The price would be negotiated within 10 business days. If no agreement can be reached, Fiat would pay a price determined by investment banks appointed by both parties.
After buying the shares, Fiat would hold 52 percent of Chrysler.
Chrysler announced on Tuesday that it has repaid $7.5 billion in bailout loans the company got from the U.S. and Canadian governments.
Fiat earlier this week paid $1.3 billion for a 16 percent stake in Chrysler.