Feeds

Panasonic closes in on Sanyo

Lithium-ion power play

Providing a secure and efficient Helpdesk

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. ®

Providing a secure and efficient Helpdesk

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
Special pleading against mass surveillance won't help anyone
Protecting journalists alone won't protect their sources
Big Content Australia just blew a big hole in its credibility
AHEDA's research on average content prices did not expose methodology, so appears less than rigourous
Vodafone to buy 140 Phones 4u stores from stricken retailer
887 jobs 'preserved' in the process, says administrator PwC
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.