Nissan and Honda announce merger talks amid a rapidly changing global market

Nissan Chief Executive Makoto Uchida, left, and Honda President Toshihiro Mibe attend a joint news conference in Tokyo, Friday, March 15, 2024.

Honda's president, Toshihiro Mibe, said Honda and Nissan will pursue unifying their operations under a joint holding company. Honda will initially lead the new management, retaining the principles and brands of each company. The aim is to have a formal merger agreement by June and to complete the deal by August 2026, he said.There are"points that need to be studied and discussed," he said."Frankly speaking, the possibility of this not being implemented is not zero.

A merger could result in a behemoth worth more than $50 billion based on the market capitalization of all three automakers. Together, Honda and the Nissan alliance with Renault SA of France and smaller automaker Mitsubishi Motors Corp. would gain scale to compete with Toyota Motor Corp. and with Germany's Volkswagen AG. Toyota has technology partnerships with Japan's Mazda Motor Corp. and Subaru Corp.Even after a merger Toyota, which rolled out 11.

Speaking Monday to reporters in Tokyo via a video link, Ghosn derided the planned merger as a"desperate move." But the company said in November that it was slashing 9,000 jobs, or about 6% of its global work force, and reducing its global production capacity by 20% after reporting a quarterly loss of 9.3 billion yen .

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