Panasonic On Track To Acquire Sanyo In February

Panasonic On Track To Acquire Sanyo In February

Panasonic is moving to acquire Sanyo Electric after squabbling Sanyo shareholders agreed to a plan whereby the smaller electronics company will be acquired for around $9 billion.

"Some people may wonder why we join hands with Sanyo when the economic outlook is this cloudy," said Panasonic president Fumio Ohtsubo at a news conference Friday. "I believe we need to take bold steps for growth in the time of drastic changes like this while strengthening our business operations."



Sanyo is the world's largest producer of rechargeable batteries and also has a sizable solar-panel business.

Other Sanyo shareholders Sumitomo Mitsui Banking and Daiwa Securities SMBC are expected to participate in the Panasonic buyout, which is targeted for completion in February.