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Panasonic's buyout of PanaHome protested by Hong Kong fund

Legal action threatened over valuation of unit's shares

A "sustainable smart town" built by PanaHome in Kanagawa Prefecture, Japan.

OSAKA -- Panasonic's move to turn group member PanaHome into a wholly owned unit has been challenged by a Hong Kong hedge fund on the grounds that the deal undervalues shares in the homebuilder.

Oasis Management said it would take legal action if the valuation is not revised. It holds a roughly 5% stake in PanaHome, according to a large-shareholdings report filed with Tokyo financial authorities Wednesday.

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