The companies themselves had little to say. In a statement that did not identify General Motors as its negotiating partner, the French automaker said it was examining cooperation projects and alliances “as part of its strategy for globalization and improved performance.” A press officer declined to comment further. Kelly Cusinato, a G.M. spokeswoman, said by e-mail: “We routinely talk to others in the industry but have no comment beyond that.”

Analysts were hesitant to discuss the impact of any deal, citing the scarcity of available information. But they said opposition to plant closings from French and German unions and political leaders meant it was unlikely that a merger-type deal was in the works.

They said it was more likely that the companies would agree to swap technology or to cooperate on powertrain and platform development, with little or no change in capital structure. The Peugeot family, which first began producing cars in 1889, holds about 30 percent of the shares in the French automaker and about 48 percent of the voting rights. It has said in the past that it wishes to remain the company’s No.1 shareholder.

“There is certainly an argument for a relationship between the pair,” Ian Fletcher, an analyst at I.H.S. Global Insight in London, said. “They build pretty similar vehicles. From a technological standpoint there is an argument to combine engineering resources.” That would likely mean cooperating on things like vehicle architecture, transmissions and engines, he said, an arrangement that would allow the companies to reduce the cost of developing new models.

Noting the labor and political impediments to a broader combination and restructuring, Mr. Fletcher said Mr. any attempt to jointly restructure plants would result in “an uproar in Germany or France.”

“The whole problem of their manufacturing bases is an issue they need to deal with alone,” he added. “I don’t see how an agreement like this would help with that.”

The French labor minister was also cautious, saying any deal “must allow for the development of jobs in France, above all. I said: ‘jobs, jobs, jobs.’ I am adamant on that point.”

Jack Ewing reported from Frankfurt.