Fiat Chrysler is on the merger path again and this time it is with PSA Group of France. An FCA merger with Peugeot Citroen would create the world's fourth largest automaker behind Volkswagen Group, Renault-Nissan, and Toyota. While on paper the deal with be a 50/50 swap, the action follows PSA's aquisition of Germany's Opel from General Motors two and a half years ago. Combined output would approach 9 million vehicles globally each year. The action comes less than 6 months after a failed attempt by FCA to merge with Renault, PSA's home country rival. FCA’s John Elkann is slated to become the chairman of the combination with Peugeot’s Carlos Tavares becoming the CEO.