On Tuesday, we published a piece examining the possibility of Fiat Chrysler Automobiles merging with France's Groupe PSA. Considering how often FCA is in merger discussions, we treated it as little more than a well-founded rumor worth monitoring. But additional reports have come through suggesting that the deal has already been approved.

According to The Wall Street Journal, sources with first-hand knowledge have confirmed the companies are already moving forward on the union - effectively creating the world's fourth-largest automaker by volume. 

While both companies have confirmed that they've been in talks, neither was willing to verify that a merger is afoot. But they got pretty close. "Following recent reports on a possible business combination between Groupe PSA and FCA Group, Fiat Chrysler Automobiles N.V. … confirms there are ongoing discussions aimed at creating one of the world's leading mobility Groups. FCA has nothing further to add at this time," explained FCA.

PSA's response was eerily similar, as if they had already begun coordinating on their messaging.

WSJ said PSA's supervisory board was meeting on Wednesday to discuss the potential deal, apparently with everyone walking out giving the thumbs up - figuratively speaking, of course. We don't even know if they use the thumbs up in France. It might be all mouth pops and snaps to show approval over there.

Assuming FCA's leadership did the same, the new business entity is estimated to have a market value of more than $48.4 billion. Though we'd imagine the Italian-American company would be alternating between the okay hand symbol and that finger-pinching move chefs do.

Updates on the deal will come as soon as all parties have confirmed the merger is a go. Until then, we're going to ponder whether or not PSA is the right cart for Fiat Chrysler to hitch itself to.

shared from TTAC