It’s looking likeCarrozerria Bertone S.p.A is close to finding a new home in the waiting arms of Fiat.

The Italian auto conglomerate, which has made news recently for purchasing car brands left and right, has been given approval by the Italian government to purchase the fledgling Italian coachbuilders for $215.9 million, which will be invested in a span of three years.

While Fiat was in hot pursuit of Bertone, it did face some stiff competition from a number of other companies that made similar bids to acquire Bertone. These included Italian entrepreneurs Gianmario, Rossignolo, Domenico Reviglio, the Chinese-based FAW Group Corp. and a Spanish consortium that appears to have kept its name under wraps.

Fiat’s offer to buy Bertone isn’t the first time that company has tried to purchase the coachmakers. Fiat first began negotiations to buy stakes in Bertone in 2006 but as it turned out, talks between the two stalled and ended up being scrapped a few months later.

Continued after the jump.

The failed venture hasn’t dampened the spirits of the folks from Fiat and it is hoping that this second attempt at buying Bertone falls in their favour. Nevertheless, the

Now that Fiat has received the blessing from the Italian government, Fiat is wasting little time in reinventing its newly-acquired brand. In a recent report, Fiat will drop the Bertone name altogether and instead will concentrate on turning Bertone’s Turin factory to produce other products from its own line.

Source: Reuters

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