Hunan Corun's battery purchase

BEIJING - Hunan Corun New Energy Co Ltd said on Wednesday that it has agreed to purchase a division of Panasonic Corp that produces automotive nickel-hydride batteries for 502.4 million yen, or 40 million yuan ($6 million).

The Hunan-based battery maker will buy the related nickel-metal-hydride battery assets in Panasonic's Shonan plant based in the city of Chigasaki in Kanagawa Prefecture in Japan, according to Corun's statement to the Shanghai Stock Exchange on Wednesday.

The deal is expected to be completed by the end of April.