The automotive world could soon be shaken up. Industry heavyweights Fiat Chrysler and Peugeot S.A. plan to merge and become one.

It was Fiat Chrysler's second attempt at striking an agreement with a major French carmaker. The company had previously been in talks with Renault. However, those negotiations were unsuccessful. They are paving the way for Peugeot.

Would be the fourth-largest automaker in the world

Fiat Chrysler, or FCA, and Peugeot S.A., also called PSA, made the announced on Halloween morning. They plan on merging their companies together.

Each would have a 50 percent share of the new combined company.

PSA CEO Carlos Tavares would take on the same role in the new company. Likewise, FCA Chairman John Elkann would hold the same title following the intended merge. FCA CEO Mike Manley will reportedly have a 'senior leadership position,' but it's unclear what that would be. NBC News indicates the company would employ about 400,000 workers. The estimated financial worth of the new creation is around $50 billion.

One of the major selling points of the merger is the theoretical annual savings. They are projected at roughly $4.1 billion. But not everybody is celebrating the news. Reuters reports that some European labor unions have voiced concerns about the merger.

Their worries center on possible job cuts and factory closures. Both FCA and PSA claim there will be no factories closed because of the merger.

Should the merger go through, the newly-joined Car company would be the fourth-largest in the world. The Volkswagen Group currently sits atop all others. Renault-Nissan and Toyota follow it.

As of 2017, Fiat Chrysler ranked at number eight on its own. At that same time, Peugeot S.A. followed closely behind as number 10.

Would be a joining of major traditional automotive brands

FCA was created in a merger of America's Chrysler and Italy's Fiat. In addition to the titular Chrysler and Fiat brands, FCA still produces several others.

They include Alfa Romeo, Dodge, Jeep, Lancia, Maserati, and Ram Trucks.

Similarly, PSA produces the Peugeot brand of automobiles. They also make others, including Citroen, DS, Opel, and Vauxhall.

Each currently sells a number of iconic vehicle models. With FCA, Dodge models include the Challenger and the Charger. Jeep produces several versions of the Wrangler. Much the same way, Ram rolls out various types of its pickup. Fiat continues to sell the Panda and two types of the 500. Maserati has continued to make the Quattroporte.

It's a similar story with PSA. Familiar models produced by PSA include the Corsa. The Corsa is sold under the banner of both Opel and Vauxhall.