Nissan Motor Co. pursuing a deal with Honda Motor Co. indicates the former is in “panic mode,” according to Carlos Ghosn, the ex-chairman of the struggling Japanese automaker.

 

“It’s a desperate move,” Ghosn said Friday on Bloomberg Television. “It’s not a pragmatic deal because frankly, the synergies between the two companies are difficult to find.”

 

Honda confirmed this week it’s considering several options including a merger, capital tie-up or establishment of a holding company with Nissan. While Hon Hai Precision Industry Co. also has shown interest in Nissan, the Taiwan-based manufacturer of iPhones known as Foxconn is putting its pursuit on hold, Bloomberg News reported earlier Friday.