Merger talks between SpaceX (SPCX.US) and Tesla (TSLA.US) are making progress and could be announced as early as December, Bloomberg, citing sources, reported . The boards and advisers of both companies are finalizing merger terms and governance arrangements for the combined entity.

However, sources said the two companies still need to overcome multiple hurdles before completing the transaction, including how to ring-fence Tesla operations in China.

The merger would become a major test of the political climate after the US midterm elections, with Democrats, who regained control of Congress, pledging to investigate Elon Musk's business and political activities.
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