Electronic giant Panasonic Corporation (OTCMKTS: PCRFY) has gone on record to confirm that the company has sold its stake in electric car maker Tesla Inc (NASDAQ: TSLA). The deal was sealed for about 400 billion yen which equals $3.61 billion, in March 2010. This news was confirmed courtesy of a spokesperson on behalf of the Japanese company.
The sale comes in the backdrop of the Japanese company involved in manufacturing and selling goods including electronics, home appliances, rechargeable batteries, and software, among others, looking ahead to cutting down its dependency on the American company. The latter is involved in manufacturing electric vehicles and holds a reputation of being a clean energy company.
Financial details about the deal
It may be recalled that Panasonic Corp, formally known as Matsushita Electric Industrial Co., Ltd., purchased as many as 1.4 million Tesla Inc shares for the cost of $21.15 each in 2010. The deal was sealed for about $30 million. About a decade later, at the end of March 2020, the deal was valued at a whopping $730 million.
An analyst at Ace Research Institute commented that it is indeed an excellent time to sell shares of Tesla Inc. This is great news for those who are looking to make a quick buck. Meanwhile, in February, Elon Musk from Tesla Inc stated that his firm has purchased bitcoin and would accept payment in the cryptocurrency. He took to social media Twitter to share his comments.
Tesla Inc was financially supported by Panasonic Corporation when the former was not as big as the company that it is today. A source from Panasonic Corporation shared the good news that those holding shares of Panasonic Corporation have a reason to celebrate as, during the weekend, the respective company’s shares closed up 4.9%. This is regarded as one of the biggest jumps in the share value of the company since January.
Stake sale will not impact the Panasonic Corporation- Tesla Inc partnership
Concurrently, a spokesperson on behalf of Panasonic Corporation confirmed that the stake sale would have no impact on the partnership with Tesla Inc. The spokesperson added that the respective stake sale was made adhering to corporate governance guidelines. The sale comes when the American automaker is on the road to diversifying its battery supply chain.
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