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

Nissan Motor Co. ( OTCPK:NSANY) and Honda Motor ( NYSE: HMC) have called off talks on a deal that would have created the world's third-largest carmaker. The development was widely anticipated after discussions had stalled in recent weeks to break off any merger momentum.

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.