Fiat strikes $4.35 billion deal to buy rest of Chrysler

Italian carmaker Fiat SpA hassturck a deal to buy 41.4 percent stakes in U.S. automaker Chrysler for $1.675 billion in cash.

Fiat said it is buying the stake from the United Auto Workers union's pension fund, according to media reports.

The UAW has endorsed the purchase, which will lead to a full merger between Chrysler and Fiat, Fox News reports.