Board members of Samsung -- the world's largest producer of smartphones -- approved the all-cash deal of the Connecticut-based firm for $112 a share, Samsung said in a statement. The deal will give the South Korean giant a "significant presence" in the global market for online-connected auto parts, the firm said. Samsung Electronics -- the flagship unit of the Samsung Group -- produces a wide range of electronics from smartphones to home appliances and semiconductors. The latest deal will offer the firm a chance to combine Harman's expertise in high-tech auto parts and its own mobile and semiconductor technologies, Samsung said. Samsung last year established a new automotive electronics business team, which will work closely with Harman, Samsung said.

Source: The Nation Bangkok November 14, 2016 09:40 UTC