India: CCI approves Panasonic-GS Yuasa deal

Fair trade regulator CCI today approved acquisition of Panasonic’s battery business by Japan’s GS Yuasa Corp.

In October last year, Panasonic agreed to transfer its lead acid battery business, which is mainly operated by its wholly-owned subsidiary Panasonic Storage Battery Co Ltd (PSB), to GS Yuasa.

In a tweet, the Competition Commission of India (CCI) said, “…approves acquisition of lead-acid storage battery business of Panasonic Corporation by GS Yuasa International”

As per the agreement, Panasonic will transfer 85.1 per cent of PSB shares to GS Yuasa and will own the remaining 14.9 per cent for two years in order to support the business transition.

Full content: The Economic Times

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