Panasonic has been partnering with Victor Co. of Japan, which in 2008 merged with Kenwood to become JVC Kenwood, since 1954. But yesterday JVC Kenwood announced [JP, PDF] that Panasonic, its largest shareholder and business partner, will go alone in the future.
Big P is apparently ready to sell 24,225,400 of its shares, a move that will make the company the seventh-largest shareholder in JVC Kenwood.
As far as voting rights are concerned, Panasonic’s stake will drop from 19.28% (as of September 30, 2011) to 1.75%. Panasonic is planning to set a price for the shares between January 17 and 19. Actual sales are scheduled to start at the end of the month, with the company being set to eventually sell all of its remaining shares in JVC Kenwood at some point in the future.
Panasonic cut its management ties with JVC Kenwood well before this ending of the capital relationship, namely during a shareholders meetings in April last year.