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Panasonic to Sell Stake in Bicycle Maker Miyata

Osaka, Oct 8, 2008 (Jiji Press) - Panasonic Corp. <6752> has agreed to sell its 40.69 pct stake in bicycle maker Miyata Industry Co. <7301> to fire engine maker Morita Holdings Corp. <6455>, officials at the Japanese electronics maker said Wednesday.

Morita, which acquired 10 pct of Miyata in 2001, will buy Panasonic's holdings in a tender offer. Panasonic, Miyata's largest shareholder, has been supporting the company's turnaround effort since its 1959 equity participation.

In the tender offer set for Thursday through Nov. 7, Morita will buy Miyata shares for 205 yen apiece.

Miyata could be delisted from the second section of the Tokyo Stock Exchange as Morita has no upper limit on the number of Miyata shares it will buy.

By Jiji Press, (c) Jiji Press

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