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Panasonic in talks to buy ZKW for up to $1 billion: Nikkei

Reuters
Visitors look at Panasonic Corp's luxury brand home appliances called J concept at CEATEC (Combined Exhibition of Advanced Technologies) JAPAN 2015 in Makuhari, Japan, October 6, 2015. REUTERS/Yuya Shino/File Photo

TOKYO (Reuters) - Japan's Panasonic Corp (:6752.T) is in the final stages of talks to buy European automotive light maker ZKW Group for up to $1 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 U.S. and European automakers such as General Motors Co (NYSE:GM - News) and BMW (XETRA:BMW.DE - News). 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.

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The company is reinventing itself as a provider of auto parts and energy-saving home systems to escape the price competition of smartphones and lower-margin consumer products.

An acquisition of ZKW would expand its automotive lineup, which currently centers on batteries and navigation systems.

Last year Panasonic took a 49 percent stake in Spanish automotive mirror manufacturer Ficosa International and plans to contribute $1.6 billion to Tesla Motors' (NasdaqGS:TSLA - News) $5 billion battery factory.

The possible deal comes at a time when rival electronics makers are also making a major push into the automotive industry. Samsung Electronics Co Ltd (KSE:005930.KS - News) agreed in November to buy Harman International Industries in an $8 billion deal.

(Reporting by Makiko Yamazaki; Editing by Chang-Ran Kim and Stephen Coates)