Nissan and Renault are reportedly in talks for a merger that will result in a new automaker that will trade as a single stock, Bloomberg reports. According to insiders familiar with the subject, the apparent deal is looking at ending the current alliance between the companies – which added Mitsubishi into the framework in October 2016 – and combine them into a single corporation.

No other details have been reported about the matter, which has just emerged into the public eye. The latest report follows on that which came about earlier this month, when news reports indicated that Nissan and Renault were apparently discussing plans for a closer association through a change of ownership structure, one that would see the Japanese automaker buying out the French government’s 15% equity stake in Renault.

In response to this, the Renault-Nissan-Mitsubishi alliance said that any discussion about a share transaction involving Renault, Nissan or the French state was pure speculation, and the French government denied that it was ready to sell its shares to Nissan.

The alliance is definitely not short on ambition. Last September, it unveiled its Alliance 2022 six-year plan, which seeks to double its annual syergies to €10 billion by 2022, with annual sales targeted to exceed 14 million units annually.

It’s also not short on ability either. In February, the alliance became the world’s largest automotive group in terms of sales by shifting 10,608,366 passenger cars and light commercial vehicles in 2017. That collective figure by the alliance was good enough to outdo the Volkswagen Group‘s 10.53 million units and Toyota‘s 10.2 million units.

The initial alliance was formed in 1999 – Renault came to Nissan’s aid then when the latter was on the verge of bankruptcy, and this resulted in the French carmaker holding a big stake (43.4%) in the Japanese company. Nissan in turn was given a 15% non-voting stake in Renault. Since then, however, Nissan has grown to be a more profitable company than its French partner, with a larger market value and better sales figures.