Posted on 05/12/08
Panasonic's Sanyo offer turned down by Goldman
Goldman Sachs Group Inc. said yesterday it rejected a second offer by Panasonic Corp. to buy Goldman's stake in Sanyo Electric Co. Ltd. Since announcing its intentions to acquire Sanyo last month, Panasonic has been trying to buy stakes from Sanyo's top three shareholders, including Goldman - so far without success. Japanese media reports said Panasonic raised its offer to ¥130 ($1.80) a share for Sanyo from the earlier ¥120, still below market price. "We don't believe this process and price is fair for all Sanyo shareholders," Goldman spokeswoman Miyako Takebe said. Goldman, Daiwa Securities Co. Ltd. and Sumitomo Mitsui Banking Corp. together control about 70 per cent of Sanyo's shares. 6764 (Tokyo) fell ¥21 to ¥148. 6752 (Tokyo) fell ¥57 to ¥1,034. GS (NYSE) fell $1.42 (U.S.) to $67.53.
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