French electrical equipment distributor Rexel SA (RXL.FR) Friday said it was selling its Dutch subsidiary Haagtechno to Japan's Panasonic Corp. (PC).

The company said it considered the business, which generated sales of EUR150 million in 2009, to be outside its core operations.

The transaction, which is subject to antitrust authority approval, is expected to be completed June 30.

-By Angeline Benoit, Dow Jones Newswires; +33140171740, angeline.benoit@dowjones.com
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