Former Nissan Motor Co. Chairman Carlos Ghosn, who fled Japan while awaiting trial on charges of financial misconduct, said Monday th

Speculation about a potential Honda and Nissan merger began earlier this month, and the two companies confirmed the official start of talks Monday.

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Former Nissan CEO Carlos Ghosn / When I look at the complementarity between Nissan and Honda, I see none. They are

Former Nissan chief Carlos Ghosn on Monday said the struggling Japanese automaker was in "panic mode" as it prepares to start talks on a merger with industry arch-rival Honda . Ghosn was arrested in Japan in 2018 on suspicion of financial misconduct,

Nissan chief said. 'It’s not a pragmatic deal because frankly, the synergies between the two companies are difficult to find.”

Ghosn also mentioned that the potential merger lacks complementarity, suggesting that any synergies would come from cost reductions, including cutting duplicated plans and technologies. He warned that Nissan would bear the brunt of these cuts as the "minor partner" in the arrangement.

Honda, Nissan, and Mitsubishi have announced plans to merge, aiming to create the world’s third-largest automaker. The announcement came during a joint press conference where the companies revealed their vision for the future.