The shares of financially struggling automotive company Nissan gained nearly 24% during today's Asian session after news of the company's potential merger with Honda circulated around the world. Both companies face competition from Tesla and Chinese electric vehicle makers, both of which have been climbing the ranks of the segment's largest companies in recent times.
According to two anonymous Reuters sources, the talks are focused on finding ways to strengthen cooperation and include the possibility of either forming a holding company or conducting a full merger.
A combined Honda and Nissan would create a $54 billion company with annual production of 7.4 million vehicles, making it the world's third-largest automotive group by vehicle sales.
The news from the Far East today supports valuations of Renault (RNO.FR) shares, which are currently gaining 7%. The French auto giant remains Nissan's largest shareholder, holding a 36% stake.
Renault's shares are gaining 7% today, breaking out to the highest levels seen since July.
Source: xStation 5
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