Posted on 08/11/08
Panasonic, Sanyo initiate talks on takeover
Panasonic Corp. and smaller Japanese rival Sanyo Electric Co. Ltd. said yesterday they are starting talks on a buyout deal that would create one of the world's largest electronics companies as early as the year-end. At a news conference in Osaka, Panasonic president Fumio Ohtsubo and Sanyo president Seiichiro Sano underlined their willingness to negotiate Panasonic's acquisition of Sanyo. Speculation has been rife cash-rich Panasonic is interested in buying struggling Sanyo. But more time is likely needed for a deal with Sanyo's biggest stakeholders, Goldman Sachs of the U.S. and Japanese banks Sumitomo Mitsui Banking Corp. and Daiwa Securities SMBC, which hold about a combined 70-per-cent stake in Sanyo. 6752 (Tokyo) fell ¥61 to ¥1,528. 6764 (Tokyo) rose ¥4 to ¥208.
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