Matsushita to Buy Matsushita Electric Works Shares Jan 21, 2004

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Consumer electronic company Matsushita Electric Industrial Co. said it will offer to buy 140.55 million shares in Matsushita Electric Works Ltd. at 1,040 yen (approx. U.S. $9.72) a share, from Jan. 28 to March 25, 2004. The company said it plans to spend 146.17 billion yen (approx. U.S. $1.36 billion) for the stock purchase.

In December, the company announced it would boost its stake in Matsushita Electric to 51 percent from the current 31.8 percent via the offer. Matsushita also said it plans to make Matsushita Electric Works a consolidated subsidiary from the next fiscal year starting in April 2004. (Dow Jones)

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