The firms said in a joint statement that they “agreed to terminate the MOU (memorandum of understanding) signed on December 23 last year for consideration of a business integration between the two companies”.
Honda’s CEO insisted in December that it was not a bailout for Nissan, which announced last year thousands of job cuts after reporting a 93 percent plunge in first-half net profit.
The automakers confirmed in the joint statement that Honda “proposed changing the structure from establishing a joint holding company... to a structure where Honda would be the parent company and Nissan the subsidiary through a share exchange”.
They will, however, continue to “collaborate within the framework of a strategic partnership aimed at the era of intelligence and electrified vehicles, striving to create new value and maximise the corporate value of both companies”, it said.
In a separate statement, Honda reported a net profit of 805.3 billion yen ($5.2 billion) for the nine months to December.
Honda made a slight change in its sales forecast for the full year to March, to 21.6 trillion yen from 21.0 trillion yen in the previous estimate, but kept its operating and net profit forecasts at 1.42 trillion yen and 950 billion yen, respectively.
Read More Details
Finally We wish PressBee provided you with enough information of ( Honda and Nissan say merger talks called off )
Also on site :