Nissan agreed with Mitsubishi Motors in September 2019 to join forces under a new company controlled by major trading company Mitsubishi Corp. to escape the influence of its top shareholder Renault, sources familiar with the negotiations said Saturday.

The plan would have seen Mitsubishi acquire up to 22% of Renault's 43% stake in Nissan, but things came to an abrupt halt following the resignation of Nissan's president at the time over the receipt of overpaid executive bonuses, according to the sources including a former Nissan executive involved in the negotiations.

Under the proposition, Nissan and Mitsubishi Motors would have come under the umbrella of the new firm and a proposal would have been made for a partnership with Honda to create an alliance rivaling Toyota and other global auto giants, they said.