July 10 (SeeNews) - Panasonic Corporation said it has completed the sale of its 10.74% stake in Slovenian white goods manufacturer Gorenje [LJE:GRVG] to Chinese consumer electronics manufacturer Hisense Group.
Panasonic has accepted a takeover bid for Gorenje placed by Hisense and completed the procedures for selling all shares in its possession, the company said in a statement on Monday.
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In June, Gorenje said Panasonic is disposing of all of its shares in its capital after accepting the takeover offer of Hisense.
Hisense Luxembourg Home Appliance Holding S.a r.l., a member of China's Hisense Group, offered in May to pay 196.5 million euro ($230.7 million) for the 16,374,599 shares of Gorenje it did not already own.
Panasonic formed a capital and business alliance with Gorenje in July 2013 and acquired 10.5% of the total number of issued shares of the Slovenian company. The company bought additional shares in December 2015, increasing its stake to 10.74%.
However, due to changes in the business environment, the two parties agreed to terminate the partnership in the refrigerator and washer-dryer businesses in the second quarter of fiscal 2017/18.
($ = 0.85162 euro)
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