On Tuesday, sources with knowledge of the matter at hand disclosed, Fiat Chrysler Automobiles NV’s board is scheduled to meet later this afternoon to consider taking the next steps toward a proposed merger with French automaker Peugeot SA.

Peugeot’s board is also expected to meet this afternoon and is expected to consider a memorandum of understanding to formalize a proposed $50 billion combination of the two European automakers, said sources.