Fiat is set to become the biggest stakeholder in Chrysler as the company announced it’s willingness to buy the 6% US government stake in the US carmaker.

Fiat has been building up its shareholding after it agreed to share technology and management with the US government in exchange for a 20% stake in the troubled company since it emerged from bankruptcy protection in 2009.

Fiat stake will go up to 52% after it acquires the US government stake. The final price will be settled in the next 10 days, Fiat confirmed.

Fiat has already issued a statement to the US treasury informing its decision to exercise the option to buy-out the government’s stake.

If Fiat manages to meet certain government targets, its share may go up to 57% by the end of the year. Chrysler has already announced on Tuesday that it has managed to payoff $7.6 billion US and Canadian government loan, six years ahead of schedule.

Chrysler has announced a profit of $116 million in the first three months of operation this year, its first since it emerged from bankruptcy protection.