Panasonic 'to buy' Sanyo

Print   Email

Panasonic could be looking to buy up Sanyo if reports from Japan are to be relied upon and the deal would create the country's largest ever electronics company.

News provided by Ansarada, secure virtual data room providers.

The Nikkei newspaper reported on the proposed acquisition which could see the world's largest maker of consumer electronics reach a preliminary agreement to buy Sanyo Electric.

Details of a takeover are to be announced at a press conference on November 7th, according to the newspaper which declined to say where it obtained the information from.

The report in the paper stated that Panasonic would make Sanyo a subsidiary by April next year in a scheme that would see it buy preferred shares owned by Sumitomo Mitsui Banking Corp, Daiwa Securities SMBC and Goldman Sachs Group.

Panasonic intends to maintain most of Sanyo's employees and the brand name, the paper reports.

Sanyo to date has 136 group companies in 27 countries worldwide and employs over 50,000 people.