Nissan shares plunged on Wednesday as reports said the struggling Japanese carmaker was walking away from merger talks with rival Honda . The Nikkei business daily and other local media earlier said Honda had proposed making Nissan its subsidiary,

If successful, the merger would create the world's third-largest auto group by vehicle sales after Toyota Motor Company and Volkswagen AG. It would be the car industry’s first merger since Fiat Chrysler Automobiles and PSA combined to become Stellantis in 2021.