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Nissan looks set to step back from merger talks with rival Honda, two sources said yesterday, calling into question a $60 billion tie-up to create the world’s No.3 automaker and potentially leaving Nissan to drive its turnaround alone.
Talks between the two Japanese automakers have been complicated by growing differences, according to multiple people familiar with the matter, all of whom declined to be named because they were not authorised to speak to the media.
Reuters reported earlier that Nissan could call off talks after Honda sounded it out about becoming a subsidiary. Nissan baulked as this was a departure from what was originally framed as a merger of equals, one of the people said.
It was not immediately clear if the merger could survive, with comments from the two sources appearing to leave open the option for a restart.
Honda, whose market value of about 7.92 trillion yen ($51.90bn) is more than five times bigger than Nissan’s at 1.44trn yen, was increasingly worried about its smaller rival’s progress on the turnaround plan, another source said.
Nissan shares slid more than 4 per cent on the Tokyo Stock Exchange, which temporarily suspended trading in the stock after a Nikkei business daily report that the automaker would pull out of talks. Honda shares rose more than 8pc, a sign of apparent investor relief.
Nissan and Honda said in separate statements that the Nikkei report was not based on information announced by the companies and that they aimed to finalise a future direction by mid-February.
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