Honda and Nissan have officially cancelled their proposed merger

Deal or No Deal? No deal, as it turns out. Honda, Nissan and Mitsubishi's much-hyped merger to create a Japanese MegaCorp has officially been cancelled.

Though Mitsubishi backed out of the talks in early February, there was hope the two larger carmakers would find a way to restructure cooperatively and strengthen their positions in light of the growing threat from the Chinese car industry.

But in a statement released by Honda today, it said the option to consolidate into a car superpower was off the table. In its statement, Nissan cited Honda's shift from wanting to work as joint chiefs, to wanting to become a majority shareholder – making Nissan a subsidiary – as the reason for the talks winding down.

Although Honda is currently the more fiscally solvent brand, Nissan doesn't fancy being mothered. Things have been left on amicable terms, mind. Both brands stated plans to create EVs together would continue.

Had it gone ahead, Nonda (or Hossan?) would have become one of the top five global carmakers overnight, worth a potential $60 billion.

In a separate statement, Nissan outlined a progress plan to turn its fortunes around, which includes looking for new partners, culling global headcount and consolidating internally where it could. Another update is due in a month. More as we get it.