French automaker Renault , Nissan Motor's largest shareholder, is open in principle to the Japanese automaker pursuing merger talks with peer Honda Motor , two people familiar with the matter said.

Renault SA is open to Nissan Motor Co. pursuing merger talks with Honda Motor Co. as the French automaker seeks way to insulate itself from the crisis plaguing its long-time alliance partner, according to people familiar with the situation.

Honda stock jumped nearly 24% in Tokyo, while shares of Nissan fell 3%, after the Japanese rivals said they were exploring a merger. Shares of France’s Renault, which owns a stake in Nissan, rallied more than 6%.