TITLE: If $M$ and $N$ are closed and $M\times S^1$ is diffeomorphic to $N\times S^1$, is it true that $M$ and $N$ are diffeomorphic?
QUESTION [17 upvotes]: If $M$ and $N$ are closed smooth manifolds, and $M\times S^1$ is diffeomorphic to $N\times S^1$, is it true that $M$ and $N$ are diffeomorphic?

REPLY [23 votes]: The manifolds $M$ and $N$ may not even be homotopy equivalent!
In Compact Flat Riemannian Manifolds: I, Charlap showed that there are two closed flat manifolds $M$ and $N$ of the same dimension which are not homotopy equivalent (this is equivalent to $\pi_1(M) \not\cong \pi_1(N)$ as $M$ and $N$ are aspherical), such that $M\times S^1$ and $N\times S^1$ are diffeomorphic (which is equivalent to $\pi_1(M\times S^1) \cong \pi_1(N\times S^1)$ as closed flat manifolds are determined up to diffeomorphism by their fundamental group).
For a more explicit example, see this excellent answer by George Lowther.