Don’t underestimate the pride of an ailing company. After signing a memorandum of understanding in late December to “consider” a merger with Honda, a source told Reuters that Nissan is backing out of the discussion.

Nissan has ended merger discussions with Honda and is now open to working with new partners, including technology firms such as Foxconn

Nissan Motor Co.’s shares climbed after a report said Hon Hai Precision Industry Co. was making another pass at the flailing carmaker as its tie-up with Honda Motor Co. falls apart.Most Read from Bloo