Panasonic in talks to buy ZKW for up to $1b -Nikkei

TOKYO: Japan’s Panasonic Corp is in the final stages of talks to buy European automotive light maker ZKW Group for up to $1 billion (Dh3.67 billion), accelerating its push into the automotive electronics market, the Nikkei business daily reported Monday.

The two companies could reach a basic agreement as early as this month, the Nikkei said. Privately held ZKW supplies light-emitting diode headlights and lighting modules to US and European automakers such as General Motors Co and BMW. It forecasts sales of about 900 million euros in 2016. Panasonic said in a statement the reported deal was not something it had announced, adding it does not comment on individual deals. (Reuters)