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© Gorenje Business | July 27, 2016

Panasonic conducting due diligence of Gorenje

Japanese electronics conglomerate Panasonic could increase its stake in Slovenian White Goods manufacturer Gorenje.
Gorenje shall enable Panasonic to perform a due diligence of Gorenje Group (until September 30th, 2016). These activities may or may not lead to "Panasonic launching a bid to increase its shareholding in Gorenje". However, no decision on entering into any transaction has yet been made.

Panasonic currently holds 10.74 percent in Gorenje. It acquired a smaller stake under a strategic partnership agreement signed in 2013 and then increased it at the end of 2015. Under the strategic partnership deal, Panasonic pledged not to increase its holding to over 13 percent without the prior consent of the management and supervisory boards.

"Among the conditions for the execution of the due diligence, both parties also agreed on the strategic guidelines for the future role of Gorenje within Panasonic Group, should Panasonic through these activities obtain effective control of Gorenje", the company statement reads.

Other major shareholders of Gorenje are the state-run KAD fund (16.37 percent) and the International Finance Corporation (11.8 percent).
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