Honda Motor Co (TYO:7267) and Nissan Motor (TYO:7201) are scrapping their merger plan after talks collapsed over Nissan's turnaround progress, Kyodo News reported Thursday, citing sources familiar with the matter.
Honda proposed making Nissan its subsidiary, but resistance from Nissan's board led to the deal's collapse.
The automakers had aimed to cut costs by sharing electric vehicle and software development but failed to agree on restructuring efforts. Nissan's planned job cuts and capacity reductions did not convince Honda of its recovery.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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