Panasonic confirms Sanyo acquisition

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Panasonic has confirmed that it will acquire smaller rival Sanyo Electric to create Japan's top electronics maker, Reuters report.

The acquisition would make Panasonic the world's second largest conglomerate with a major electronics division.

There is still nom no confirmation of what Panasonic might pay for Sanyo and there is still the unresolved issue of what it might do with Sanyo's loss-making businesses.

Commenting on the deal, Hannah Cunliffe, fund manager at Germany's Union Investment, which holds Panasonic shares, said: "Strategically (the deal) makes sense, though it doesn't necessarily make sense for Panasonic to take on every single bit of Sanyo Electric."

Ms Cunliffe concluded: "There has to be some relatively aggressive restructuring."

Panasonic Corporation is more recognisable under the brands of Panasonic and Technics, worldwide they work as National, Ramsa, Quasar and MAS (Matsushita Avionics), manufacturing more than 15 000 different products.