buying Honda, Nissan were targets for merger in Japan, report says

01:20  18 august  2020
01:20  18 august  2020 Source:   cnet.com

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Some Japanese officials wanted the two automakers to merge , but both companies swiftly rejected the idea, according to a report . Nissan had long been in trouble, and according to the sources, officials were frightened the Renault- Nissan Alliance could dissolve altogether.

Japanese government officials tried unsuccessfully to bring Nissan Motor Co. Ltd. and Honda Motor Co. Ltd. together for merger talks earlier this year, the Financial Times reported , citing people familiar with the matter.

In the wake of Nissan's shaky alliance with France's Renault and the drama surrounding ex-CEO Carlos Ghosn, some Japanese officials were so concerned for the automaker they sought a merger with Honda , the Financial Times reported Sunday.

a close up of a car: Both companies rejected the idea right away, according to this report. Honda © Provided by Roadshow Both companies rejected the idea right away, according to this report. Honda

Sources speaking to the publication who are familiar with the frankly wild discussions said Japanese government officials brought the idea to Nissan and Honda in an effort to address two problems with the country's domestic automakers. Nissan had long been in trouble, and according to the sources, officials were frightened the Renault-Nissan Alliance could dissolve altogether. As for Honda, officials reportedly remain wary of Japan's third-largest automaker as rivals merge and consolidate. Honda is completely independent from other companies, though it has partnered with General Motors on various electric car and fuel cell projects. The work is nowhere near interlocked as the upcoming PSA-FCA merger, however.

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Japanese government figures tried to bring Nissan and Honda together for merger talks this year, in a sign of growing concern in Tokyo over the future of the country’s Ultimately, mergers in the industry often come unstuck as rival engineering teams clash over whose technology is better, and entrenched

Nissan has already merged with Renault, so there is no more room for Toyota to join. Honda is Toyota’s main competitor. I don’t see why, in theory, it wouldn’t be possible however, I am unaware of any legal restrictions within the Japanese construct regarding domestic mergers and acquisitions.

a close up of a car © Honda

A combined Nissan and Honda would solve both of these worries, officials reportedly felt. However, sources told the publication that both automakers quickly dismissed the idea and any follow-ups were pushed to the side as the coronavirus pandemic started to take hold globally.

One former Nissan executive told the Financial Times the merger simply wouldn't make sense from a structural standpoint and said there'd be little to gain from such a move for either company. The person pointed to major differences in engineering, which would make it incredibly difficult to boost economies of scale by sharing parts.

Honda declined to comment for this story and Nissan didn't immediately return a request for comment.

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Nissan denied reports earlier this week that it was considering ending its alliance with Renault, which has been shaken by the dramatic escape of former Chairman Carlos Ghosn from trial in Japan . A representative for Honda said no steps, such as a capital alliance or merger , were under

Nissan and the government of Japan have spurned efforts by Nissan 's French partner, Renault, to engage in merger talks, the Financial Times reported . Ghosn had been seen as guiding the companies toward a merger when he was charged last November with financial misconduct at Nissan .

While the idea of such a merger appears to be far-fetched, both automakers soldier on. As for Nissan, it's hoping for a mighty turnaround as it slashes nameplates globally and refines its focus on core countries. It also has numerous new Nissan vehicles coming in the next 18 months.

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Former Nissan chief Carlos Ghosn has been re-arrested in Tokyo while out on bail pending trial over claims of financial misconduct. Prosecutors said the 65-year-old had been detained over suspicions he caused Nissan m (£3.8m) in losses, according to reports .

The Nissan headquarters in Yokohama, Japan , in June during the carmaker’s shareholders meeting. “It would be difficult for us to make progress without the alliance” with Renault, said Keiko Ihara, a Nissan board member.Credit A hoped- for merger between Fiat Chrysler and Renault is dead.

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This is interesting!