Fiat Chrysler Automobiles and PSA Group said they are in talks about a possible combination, in a potential deal that would reshape the global auto industry and create a European powerhouse to rival Volkswagen Group.

"There are ongoing discussions aimed at creating one of the world's leading mobility groups," FCA said in a statement Wednesday, confirming media reports. PSA issued a similar statement.

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Look Out VW - Fiat Chrysler And PSA Confirm Talks Over Mega Merger

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