Sanyo made a similar move yesterday by announcing the sale of part of its battery operations to Fujitsu Ltd. unit FDK Corp.
Tokyo Bureau -
MARKETWATCH - October 28, 2009
What does this mean financially for Toyota? --Ed.
TOKYO -- Panasonic (6752.TO) has decided to reduce its stake in a hybrid car battery-making joint venture with Toyota Motor Corp. (7203.TO), the Yomiuri Shimbun reported in its Thursday morning edition, without citing sources.
The paper said Panasonic's planned merger with Sanyo Electric Co. (6764.TO) would give the pair a market share in nickel hydride batteries of around 80%. To speed merger approval from ongoing anti-trust investigations in China and the U.S., Panasonic has decided to reduce its share in Shizuoka prefecture-based Panasonic EV Energy Co.
Panasonic currently holds 40% of the joint venture, with Toyota holding the remainder. The newspaper didn't say how...
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