Honda CEO Mibe on Monday said some of the company’s shareholders may feel that the deal would represent Honda supporting Nissan, but noted the merger was “based on ... question,” Wells added. Shares of Renault closed 1.2% higher on Monday.

The Renault Group holds almost 36% of Nissan, but its role in the merger remains unclear. The French group said it’s considering “all options” as talks between the Japanese brands intensify. Former Nissan and Renault boss Carlos Ghosn suggests Renault might sell its shares to Honda.

Japanese automakers Honda and Nissan have announced plans to join forces, forming world’s third-largest automaker by sales as the industry undergoes dramatic changes in its transition away from fossil fuels.