According to a recent article in the Detroit News, Fiat has reached a deal to purchase the remaining 6% share that the U.S. Government holds of Chrysler  for $500 million dollars. In addition, Fiat will pay another $60 million to purchase the option from the U.S. Government to aquire most of the remaining shares of Chrysler as well, and will put Fiat in a final position to hold about 52% of the company overall.

This will leave GM as the only remaining government-owned American automobile company. President Bush first rescued Chrysler from collapse in 2008 for a $4 billion bailout. The final cost of the bailout overall will cost taxpayers about $1.3 billion as the U.S. Treasury has already taken in about $10.6 billion of the total $12.5 billion Chrysler bailout.

This of course, does not include the $15.9 billion Ford received from the U.S. Federal Reserve to buoy its auto financing arm. This, according to Jalopnik, has already been repaid while some $2 billion remains for bond investment loans.

Treasury Secretary Tim Geithner was quoted as saying, “As Treasury exits its investment in Chrysler, it’s clear that President Obama’s decision to stand behind and restructure this company was the right one. Today, America’s automakers are mounting one of the most improbable turnarounds in recent history, creating new jobs and making new investments in communities across our country.”

This will once again put majority of ownership of Chrysler into the hands of a foreign company, this time an Italian one in Fiat. Chrsler was previously owned by the German company Daimler AG.