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.

As Honda Motor pursued merger talks with Nissan Motor, the automaker was also eager to get a third party in the envisioned partnership: Mitsubishi Motors. Honda's hope was for Mitsubishi to join a holding company to be formed by Honda and Nissan,