UK defence contractor BAE Systems has said that it is in talks with European aerospace firm EADS over a possible merger.
"Both companies would operate as one group by means of equalisation and other agreements but would be separately listed on their existing exchanges," BAE said in a statement.
In a potential tie-up, BAE would own 40% and EADS 60% of the new firm.
Speculation that talks were ongoing sent BAE shares up 8% on Wednesday.
BAE and EADS said that a merger "offers the prospect of significant benefits for customers and shareholders of both companies".
EADS, which is a consortium of aerospace and defence manufacturers from France, Germany and Spain, owns the planemaker Airbus.
On Wednesday, shares in EADS dropped 5.6%.
Under the code of the UK's Takeover Panel, the two parties must now announce a decision on the outcome of their talks by 17:00 BST on 10 October.
"BAE Systems confirms its intention to request an extension to the deadline from the panel if it and EADS are still in discussions at that time," it said.
BAE usually pays shareholders a higher proportion of its earnings as a dividend than EADS.
As a result, if the merger were to go ahead, EADS would pay £200m to its shareholders before completion.
BAE and EADS's normal dividend for the current year would be unaffected.
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