Panasonic informed Gorenje about its decision today but the transaction of some 2.62 million shares owned by the Japanese company has not been concluded yet.
Hisense Luxembourg Home Appliance, which had already held a 32.95% stake, published the takeover bid for the remaining shares in Gorenje at the end of May. The bid offering EUR 12 per share is valid until 26 June.
Apart from Hisense, the company's biggest single owners are the state-owned KAD fund (16.37%) and International Finance Corporation (11.8%), a member of the World Bank group.
Publishing the bid, the Chinese household appliance manufacturer said it would preserve the "stability of management and jobs" at Gorenje and strive for long-term development of the company, whose seat would remain in Velenje.
It also plans to keep the name and all brands of the company and is counting on "important strategic synergies". Hisense has a strong presence in western Europe, while Gorenje is strong in Germany, Scandinavia and central and eastern Europe.
KAD cannot sell its stake, because Gorenje is classified in the national state asset management strategy as an important investment, unless the National Assembly amends the strategy accordingly.
