Mubasher: The French multinational automobile manufacturer Groupe Renault has confirmed the receipt of a merger proposal from Fiat Chrysler Automobiles (FCA).

The merger deal includes a potential 50/50 transaction between Groupe Renault and FCA, according to a press release from Renault.

Renault’s board of directors will hold a meeting Monday morning to discuss this merger proposal.

Groupe Renault announced that a press release will be issued following the board meeting.

Once the merger is completed, the joint entity would produce estimated sales of 8.7 million vehicles annually.