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Honda merger talks with Nissan 'basically over' - report
(Sharecast News) - The planned mega-merger between auto giants Honda and Nissan appeared to have run off the road after disagreements on how it should be structured, media reports stated on Thursday. Nissan's executives were reportedly furious at a suggestion that the company become a subsidiary within its larger rival, sparking a row that led to talks unravelling.
"The latest conditions put on the table by Honda are unacceptable for Nissan... It was almost an affront," a source close to the matter told Agence France-Press on Thursday, confirming information reported in Japanese media a day earlier.
"It needs to be formalised, but basically, it's over."
Nissan and Honda's last year unveiled merger talks which would have created the world's third-largest automaker. Honda's CEO insisted in December that it was not a bailout for Nissan, which last year announced thousands of job cuts after reporting a 93 percent plunge in first-half net profit.
Nissan said Wednesday it would "establish a direction and make an announcement around mid-February".
Reporting by Frank Prenesti for Sharecast.com
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