Honda and Nissan cancel megamerger after weeks of negotiations

The megamerger between Honda and Nissan is now officially off following weeks of talks, the two automakers confirmed on Thursday in a statement.

The automakers failed to find the common ground needed to achieve an agreement, which was being explored to reverse the declining fortunes of the companies and would have created the world’s third-largest vehicle producer.

Nissan and Honda still intend to work together in areas including software and electric vehicle-related technologies.