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Of the Matsushita Electronics Corporation stock that had been in the possession of Panasonic (65%) and Philips (Philips Electronics N.V. and Philips Lighting N.V.) (35%), Philips′ 35% stake was acquired by Panasonic for a total of 185 billion yen (645 yen per share) by basic agreement reached in April 1993. This gave full ownership of Matsushita Electronics Corporation to Panasonic.
The ramification of this was that the two companies dissolved their Matsushita Electronics Corporation partnership that had lasted for over 40 years. In addition, Matsushita Electronics Corporation and Philips entered into a new patent cross license agreement pertaining to the business operations of Matsushita Electronics Corporation.
In December 1952, Matsushita Electronics Corporation became the first collaborative operation to be established through a merger between our company and Philips. Founder Konosuke Matsushita, who embraced the belief that technological collaboration with the advanced companies of Europe and the United States would be critical for our future development, decided on the merger with Philips after personally travelling to the USA and Europe in order to visit leading companies and consider prospective partners. The company was established with capital of 660 million yen, an amount that at the time exceeded our company′s capital of 500 million yen.
It was later that Matsushita Electronics Corporation got a new start in April 2001 in a merger with Panasonic that saw the launch of the internal division companies “Semiconductor Company,” “Display Device Company,” and “Lighting Company.”
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