On Monday, Japanese automakers Nissan and Honda announced they have begun official negotiations to merge, which could catapult them to the world's third-largest carmaker by sales. During the same day, the company announced its share buyback plans by December 23 next year, which amounts to 24% of its issued shares.Honda also announced to buy back 24% of its issued shares by Dec. 23 next year. Its shares were last up 15.51%, and would clock their best day since October 2008, if gains hold.
Nissan shares fell over 1%.. A holding company will be established as the parent organization for both Honda and Nissan, and will be listed on the Tokyo Stock Exchange. 'These two companies, they are operating in the same market, and they have very similar brand images, they have very similar products,' Hakan Dogu, chairman of Alagan Mobility Solutions, told CNBC on Tuesday.Nissan's strategic partner, Mitsubishi, has been given the opportunity to join the new group and is expected to make a decision by the end of January 2025.
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