Nissan and Honda formally end $60 billion merger talks: Report 

Nissan and Honda noted on Thursday that their respective boards have voted to end talks to amalgamate, but would continue to collaborate in the EV space, Reuters reported. 

A press release was also issued to this effect later. "Going forward, the three companies will collaborate within the framework of a strategic partnership aimed at the era of intelligence and electrified vehicles. This framework was established with the MoU signed on August 1 last year, striving to create new value and maximize the corporate value of each company," it noted. 

A merger was set to create roughly a $60 billion auto group and the world's fourth largest by vehicle sales after Hyundai, Volkswagen and Toyota. 

Nissan back tracked from the talks with Honda, as negotiations were marked by increasing differences that included Honda suggesting Nissan becoming a subsidiary, sources had earlier told the newswire. 

The auto firms and junior partner Mitsubishi Motors had said they would consider the merger last year. Persons in the know had later noted that Mitsubishi was not likely to participate. 

Nissan is open to working with new partners and Foxconn is seen as a viable candidate for the same, the newswire had noted last week. 

Foxconn Chairman had said that Young Liu noted on Wednesday that it would mull acquiring an interest in Nissan, but its primary objective was cooperation. 

Nissan has been more severely affected than others, on back of the changing EV landscape, and not having bounced back entirely from the 2018 crisis that saw the removal and arrest of its former Chairman Carlos Ghosn. 

Nissan's market cap is almost five times smaller than that of Honda ($48.6 billion).