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

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 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. 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' $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 <005930.KS> 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)