Sergio Marchionne, Fiat chief executive, has made clear he wants the Italian carmaker to be a leader in global consolidation, prophesying back in December that the post-crisis car industry would be dominated by six global groups. Six months later, with Chrysler under its belt but having missed out on Opel, Fiat has made it into the top six global producers. But it is 2m short of the 6m units a year volume that Mr Marchionne said big players needed to be viable. Filling the gap could be tricky.

PSA Peugeot Citroën still looks by far the most suitable match. Like Fiat, it specialises in small cars but lacks scale and international reach. It is also family-dominated. Intriguingly, Thierry Peugeot, company chairman from the family that owns 30 per cent, on Tuesday said the French carmaker was open to alliances or partnerships – on condition the family remained the “major shareholder”. That suggests the Peugeots have not made the same mental adjustment as the Agnellis at Fiat, who seem ready to accept dilution if it maximises the value of their interests.