The European Commission has approved, under the EU Merger Regulation, the creation of a joint venture between Toyota Motor Corporation and Panasonic Corporation, both of Japan. The joint venture will be engaged in research and development, manufacture and sale of prismatic automotive batteries, as well as research and development into other automotive battery technologies.
Toyota Motor Corporation designs, develops and sells automobiles, automotive components, and accessories. It also provides financing services, as well as leasing services for vehicles and equipment. Panasonic Corporation develops, manufactures and sells electrical and electronic products worldwide.
Among a number of other products, it develops, manufactures and sells automotive batteries.
The Commission concluded that the proposed acquisition would raise no competition concerns because of the limited activities of the joint venture in the European Economic Area.
The transaction was examined under the simplified merger review procedure.