Gibson Guitar to buy TEAC, add "Cool Japan" engineering technology
TOKYO (Reuters) - Gibson Guitar GIBSN.UL, known for producing electric guitars used legendary rock guitarists such as Jimmy Page and Jeff Beck, said on Friday that it was buying a majority share in Japanese audio equipment manufacturer TEAC Corp (6803.T) for 4.88 billion yen ($51.9 million).
Nashville-based Gibson, which will pay 31 yen per share for TEAC, said the deal would add "Cool Japan" engineering technology into the music and audio lifestyle arena into which it is diversifying.
Gibson said it will purchase 54.4 percent of TEAC's outstanding shares from funds operated by Phoenix Capital.
(Reporting by Shinichi Saoshiro; Editing by Matt Driskill)
WASHINGTON - Start-up companies will be able to raise much more capital through certain public stock deals without facing costly regulatory burdens under a proposal announced by U.S. securities regulators on Wednesday.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.