French automaker Renault might merge with Fiat Chrysler.
Under the proposal released by Fiat Chrysler, 50 percent of the combined business would be owned by its shareholders, while the other 50 percent would be owned by Renault's shareholders.
As Reuters points out, each automaker has something the other needs: Renault hasn't broken into the U.S. market, but it's been focusing heavily on electric cars. On the other hand, Fiat Chrysler is seen as lagging behind in terms of fuel efficiency, but its RAM trucks and Jeep brands are popular in North America.
Multiple outlets report the merger would result in the world's third-largest automaker, with roughly 8.7 million vehicles sold annually. And Fiat Chrysler said no plants would have to close if the two businesses came together.
Renault's board of directors said in a statement Monday that it will consider the proposal. But it didn't give a timeline for when it will decide whether to pursue the merger.