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3 November 2008

Panasonic poised to purchase Sanyo

PANASONIC is proposing to launch a tender offer for Sanyo Electric Co to make it a subsidiary, according to reports in the Japanese media.
According to industry sources, Panasonic president Fumio Otsubo and Sanyo president Seiichiro Sano discussed Panasonic's proposed acquisition of Sanyo when they met in October.

Panasonic, plans to launch the tender offer after getting consent from Sanyo's three major shareholders -Sumitomo Mitsui Banking Corp., the Daiwa Securities SMBC Co. group and Goldman Sachs Group Inc.
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