Sales of Gorenje Shares Completed

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.

Panasonic Corporation is a worldwide leader in the development of diverse electronics technologies and solutions for customers in the consumer electronics, housing, automotive, and B2B businesses. Celebrating its 100^th anniversary in 2018, the company has expanded globally and now operates 591 subsidiaries and 88 associated companies worldwide, recording consolidated net sales of 7.982 trillion yen for the year ended March 31, 2018. Committed to pursuing new value through innovation across divisional lines, the company uses its technologies to create a better life and a better world for its customers. To learn more about Panasonic:
https://www.panasonic.com/global