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

It's official: the potential merger between Nissan, Honda, and Mitsubishi is dead. Both Japanese automakers released the same press statements announcing the end of their MOU, or "memorandum of understanding.

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