07:45 AM EST, 12/20/2024 (MT Newswires) -- Hon Hai Precision Industry, known as Foxconn, has reportedly put its pursuit of Nissan Motor on hold while the Japanese carmaker explores a potential merger with Honda Motor ( HMC ) , Bloomberg reported Friday, citing sources familiar with the matter.

Foxconn's decision follows a meeting with Renault in France, which owns 36% of Nissan and has an influence over the merger discussions, the sources said.

The cited sources said Foxconn is not giving up completely but will assess the progress of the Honda-Nissan negotiations before determining its next steps.

The report said, however, Foxconn's ability to challenge Honda ( HMC ) in a takeover would have been limited due to the strong domestic ties between the Japanese automakers.

Foxconn, Renault, Nissan Motor and Honda Motor ( HMC ) did not immediately respond to requests for comment from MT Newswires.

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