Nissan's board is reportedly abandoning merger talks with Honda after Honda proposed making Nissan a subsidiary instead of a merged entity under a new holding company. Nissan CEO Makoto Uchida met with Honda President Toshihiro Mibe to convey his intention to terminate the merger talks, stating that Honda's latest conditions were unacceptable. Nissan is now open to exploring other strategic partnerships in the automobile or technology sectors, including potential collaborations with US-based tech companies.
Nissan CEO Makoto Uchida and Honda President Toshihiro Mibe, and their respective boards, have reportedly failed to reach consensus on a merger. Picture: Richard A. Brooks / AFP Nissan 's board is in the process of abandoning merger talks with Honda and could be open to other partners, a source close to the matter told AFP on Thursday and local media reported.
But the company"needs to be extremely creative, and reflect carefully on the synergies involved", they said. 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. It then reportedly asked Renault to sell its 35 percent stake in Nissan - a pursuit that was put on hold before the merger talks were announced.
The company is also saddled with billions of dollars of debt that will reportedly mature over the next two years.
MERGERS AUTOMOTIVE INDUSTRY PARTNERSHIPS TECH SECTOR Nissan Honda
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