Saturday, November 01, 2008

wsj: Panasonic Seeks to Buy Sanyo Electric

" Electronics giant Panasonic Corp. is in talks to buy a majority stake in its peer Sanyo Electric Co., Ltd. from Goldman Sachs and two Japanese financial institutions, according to a person familiar with the situation.

The protagonists, which include Daiwa Securities SMBC Co. and Sumitomo Mitsui Banking Corp., have not yet discussed price, the person said. Panasonic, one of Japan's biggest electronics companies known for its plasma televisions, is eager to announce the deal before the end of the year and wrap up the deal before the end of the fiscal year in March 2009, the person said.

Sanyo said in a statement it was considering various options concerning its preferred shares, but had not made a formal decision. A spokesman from Panasonic said nothing had been decided.

Goldman Sachs and Sumitomo Mitsui Banking Corp declined to comment. A spokeswoman from Daiwa Securities SMBC couldn't immediately be reached for comment."

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