CHANGE? Fiat Chrysler and Renault pursue $35 billion merger to combat car industry upheaval.

Fiat Chrysler pitched a finely balanced merger of equals to Renault on Monday to tackle the costs of far-reaching technological and regulatory changes by creating the world’s third-biggest automaker.

If it goes ahead, the $35 billion-plus tie-up would alter the landscape for rivals including General Motors and Peugeot maker PSA Group, which recently held inconclusive talks with Fiat Chrysler (FCA), and could spur more deals.

Renault said it was studying the proposal from Italian-American FCA with interest, and considered it friendly.

I’m surprised by the “merger of equals” language. As Daimler-Benz and Chrysler merged more than 20 years ago, it was sold as a “marriage of equals,” but in reality Stuttgart ran the show.