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Fiat has reportedly reached a deal to pay $500 million for the rest of the federal government's share of Chrysler, along with another $60 million for the government's option to buy most of the remaining shares of Chrysler stock. The purchase, which President Obama should officially announce today, will settle the remainder of Auburn Hills' debt to the government.

The federal government bailed the automaker out to the tune of $4 billion under the Bush administration, with the total eventually rising to $5.9 billion. Fiat's purchase will account for the last of the debt and once again put the company under foreign ownership.

With the deal, Fiat will gain a 52 percent stake in the company.