Osaka, Japan - Panasonic Corporation announced today that it had accepted a takeover bid for Gorenje gospodinjski aparati, d. d., a major Slovenian consumer electronics manufacturer, which was made by Hisense Luxembourg Home Appliance Holding, a company under the major Chinese consumer electronics manufacturer Hisense Group. Panasonic completed the procedures for selling all shares in its possession (10.74% of the total number of issued shares).
In order to accelerate the growth of its consumer electronics business in Europe, Panasonic formed a capital and business alliance with Gorenje in July 2013 and acquired 10.5% of the total number of issued shares. The company bought additional shares in December 2015, bringing its shareholding ratio 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 fiscal 2018 second quarter, ended September 30, 2017.