Once again, there is talk about consolidation of the global auto industry, triggered by the folks at FCA.
The fundamental problem with mergers is that, historically, they almost always have been of two turkeys rather than two eagles.
Occasionally, you'll read in the history books about a strong company taking over a weaker company, but then almost always the lesser company sort of disappears in the next few years.
If you look back at the history of the British auto industry, to use just one example, most of the past century's mergers took place as one car company after another was collapsing until there was nothing left.
The history of American car company mergers, going back a century, is mostly a series of weak companies looking for some way to stay alive until they were gobbled up by a much stronger partner.
More recently when Fiat bought Chrysler for nothing, it was a weak Chrysler trying to survive and looking for anyone willing to keep it afloat. If Fiat hadn't come along, Chrysler would have slipped beneath the waves and become just another fond memory.
If Fiat Chrysler Automobiles is interested in a "merger of equals," it's going to be almost impossible to find another healthy car company anywhere on the globe willing to throw its lot in with FCA.
It would be far more likely that FCA would acquire a sick company or one saddled with too much debt to survive. Any other potential partner is likely to be interested only if FCA is the one gobbled up.
Fiat Chrysler CEO Sergio Marchionne's plans probably will have to wait for the next downturn. Most global auto companies are seeing profits improve and have no interest in being taken over.
There are still plenty of opportunities for auto acquisitions, but it would be a great surprise to see two strong, independent companies want to link up.
Perhaps a potential FCA merger partner resides in China or another market with too many manufacturers and some struggling to survive.
But among Western companies, it would be a long shot to see a merger between equals.
There are always plenty of turkeys, but it's hard to find an eagle.