Panasonic in takeover deal with Sanyo
Japanese electronics specialist, Panasonic, has confirmed a takeover deal with competitor, Sanyo Electric Co.
The business alliance agreement means Panasonic now controls 70.5% of Sanyo’s shares.
The agreement was made after US investment bank, Goldman Sachs agreed to the deal on Thursday.
The alliance could create one of the world’s largest consumer electronics companies and is the first complete takeover of a large Japanese electronics company by a domestic competitor. It will put Panasonic on a par with Hitachi, Japan’s largest consumer electronics producer.
