Japanese automakers Honda, Nissan and Mitsubishi are dropping their talks on a business integration. The automakers said Thursday that they agreed on the move.

Nissan Motor Co., Honda Motor Co., and Mitsubishi Motors Corp. have agreed to terminate their memorandum of understanding (MOU) to consider a tripartite collaboration. Nissan and Honda signed the

Had it been for the merger to go through, the combined entity would have transformed to become one of the largest car makers in the world, rivalling its fellow Japanese carmaker, Toyota. This merger was estimated to be priced between USD 50-60 billion or around Rs 4 lakh crore, as per current exchange rates.