jonathan fenby, chairman of the china team from ts lombard. >>> one of the other big stories today in europe, fiat chrysler and psa have told staff they will sign a binding merger agreement in the next few weeks, according to reuters and italian newspapers the reports quote from internal memos which describe how more than 50 people in nine separate working groups are focused on details of a final deal. the tie-up would create the world's fourth largest automaker. so it looks as though this deal is actually going to go ahead. the two together would create the fourth largest automaker in the world, and certainly, it has been in discussion over the last couple months, but it wasn't initially just the psa who are having talks with fiat chrysler. originally there was renault and the prospect of renault/nissan also entered talks with fca, but that seemed to be nipped in the bud by resistance from the french government. >> certainly executives from both firms saying to cnbc over the summer that the french government was the obstacle toll that deal going through, whereas when we first started