Panasonic ends due diligence of Gorenje – Acquisition offer to follow?

Panasonic has completed due diligence of Gorenje, started back in July. The Japanese company is currently considering possible further steps towards increasing its ownership share in Gorenje, and if the takeover were to take place, it would be one of the biggest acquisitions in Slovenia.

Panasonic now has an 11% share in Gorenje. The state, which is the largest owner of Gorenje, supports the Japanese company’s intentions, whereas Gorenje has reported that its management will continue to operate in the company’s best interest.

TV Slovenia reports that Prime Minister Miro Cerar will travel to Japan in an effort to strengthen the cooperation between Slovenian and Japanese companies.

If Panasonic decides in favor of the acquisition in the weeks to come, the Japanese company, currently the third biggest shareholder in Gorenje, will have to announce the intent of takeover, to be decided on by other shareholders. Gorenje’s biggest owner is the state, with over 16% of shares, defined as strategic investment.

The second biggest shareholder is the International Finance Corporation (IFC), followed by the biggest competitor, the Dutch Philip Sluiter, which increased its share to 5% in September.

The state’s share is managed by Kapitalska Druzba, which had no objection to Panasonic’s becoming one of the owners three years ago and doesn’t oppose Gorenje’s further strategic connecting.

Gorenje d.d. Velenje

Panasonic Corporation

Vlada Republike Slovenije

International Finance Corporation USA

Gorenje

Panasonic

Miro Cerar

Government of Slovenia

International Finance Corporation

IFC

Kapitalska Druzba

Gorenje acquisition