Italian carmaker Fiat said on Wednesday (Thursday in Manila) it had agreed to buy up the remainder of Chrysler in an historic $3.65-billion (2.66-billion-euro) deal, paving the way for a full merger that will create a new global auto giant.

Fiat said the long-awaited agreement with its US partner included a $1.75 billion cash payment for the 41 percent stake that has been held by the VEBA fund of the US auto worker's union UAW since Chrysler's bankruptcy procedure.

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