Honda's shares soared by as much as 17% when local markets opened on Tuesday. The automaker said on Monday that it was starting merger discussions with struggling rival Nissan. Besides the merger discussions, Honda said on Monday that it would buy back as much as 1.1 trillion yen, or about $7 billion, worth of its stock by December 2025. AdvertisementHonda CEO: Merger is not a Nissan rescueHonda's shares had initially fallen when news first broke of the merger discussions last week. Although Honda and Nissan have touted the deal as a merger, the transaction would see Honda take a leading role in the combined entity.

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Persons: Honda, Toshihiro Mibe, Honda's Mibe Organizations: Nissan, Honda, Mitsubishi Motors Locations: Japan