Feeds

Panasonic closes in on Sanyo

Lithium-ion power play

Secure remote control for conventional and virtual desktops

Sanyo Electronics is ready and willing to be courted for takeover by its domestic rival Panasonic.

The company will announce Friday that it's agreed in principle to being acquired by Panasonic, the Nikkei news service reports. However, Sanyo's three major shareholders still need some acceptable figures whispered in their ears before anything official takes place.

After suffering heavy losses in 2006, Sanyo sold the equivalent of about 70 per cent of its ordinary shares to Goldman Sachs, Daiwa Securities, and Sumitomo Mitsui Bank. The three investment firms took over the company board and put new management in place at Sanyo in the wake of an accounting scandal.

There hasn't been an agreement yet on price with Panasonic, leaving plenty of ground for the deal to fall apart before it goes any further. But if Panasonic's bid is accepted, the combined company would rival Hitachi as Japan's biggest electronics maker.

Perhaps more importantly, buying Sanyo make Panasonic the leading global supplier of lithium-ion batteries as well as give it a foothold in the solar equipment business.

Bean counters suspect Panasonic may get a good deal on the nearly 430 million preferred shares from the three investment firms, given the current stock market slump.

Not that cash is a huge problem for Panasonic. The company is currently sitting on about $10bn in cash and cash equivalents. ®

5 things you didn’t know about cloud backup

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Kaspersky backpedals on 'done nothing wrong, nothing to fear' blather
Founder (and internet passport fan) now says privacy is precious
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Ex-IBM CEO John Akers dies at 79
An era disrupted by the advent of the PC
prev story

Whitepapers

Gartner critical capabilities for enterprise endpoint backup
Learn why inSync received the highest overall rating from Druva and is the top choice for the mobile workforce.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.