Open

Coming up

Don't miss

Replay


LATEST SHOWS

DEBATE

The Murderous Lure of Jihad: Tackiling ISIS and its Worldwide Recruitment (part 2)

Read more

DEBATE

The Murderous Lure of Jihad: Tackiling ISIS and its Worldwide Recruitment

Read more

FOCUS

Republicans block Obama's bid to hike minimum wage

Read more

WEB NEWS

Calls for ISIS media blackout after execution of James Foley

Read more

WEB NEWS

Web users divided over Darren Wilson

Read more

WEB NEWS

Web users take on 'Ice Bucket Challenge' to fight ALS

Read more

ENCORE!

From Paris's Liberation to 'arresting' art in Avignon

Read more

INSIDE THE AMERICAS

Ferguson riots: Pressure mounts on Obama

Read more

IN THE PAPERS

'The pen is mightier than the sword'

Read more

  • Two US Ebola patients leave hospital ‘virus-free’

    Read more

  • Hollande is ‘nobody’s president’ says former French minister

    Read more

  • Turkey’s Erdogan names foreign minister Davutoglu as next PM

    Read more

  • US reaches historic $16.7bn settlement with Bank of America

    Read more

  • Special report: Supplying Ukraine’s soldiers on the front line

    Read more

  • US forces tried to rescue slain reporter from IS captors

    Read more

  • Israeli air strike kills three top Hamas commanders

    Read more

  • France delivered arms to Syrian rebels, Hollande confirms

    Read more

  • Tensions high in Yemen as Shiite rebel deadline looms

    Read more

  • Interactive: Relive the Liberation of Paris in WWII

    Read more

  • French village rallies behind besieged elderly British couple

    Read more

  • Former Irish PM Albert Reynolds dies at 81

    Read more

  • Former Femen activist detained after fighting veiled woman

    Read more

  • Thailand coup leader Prayuth Chan-ocha voted prime minister

    Read more

  • Brazil’s Silva launches bid after Campos plane crash death

    Read more

  • Brutal IS beheading video sparks social media pushback

    Read more

  • US attorney general visits Missouri town after fatal shooting

    Read more

Business

Panasonic ready to take over Sanyo

Latest update : 2008-12-19

Panasonic has said it has reached a 800-billion yen deal (seven billion euros), after investment group Goldman Sachs and others agreed to sell their holdings, to take over a majority stake in Sanyo, resulting in Japan's largest electronic group.

AFP - Japan's Panasonic Corp. said Friday it had cleared the way to acquire struggling Sanyo Electric Co. for up to nine billion dollars, forming an industry heavyweight amid the global downturn.
  
The deal is the first major realignment of Japan's electronics industry since the start of the economic crisis, which has led companies to suspend production as consumer demand dries up.
  
Panasonic said it would launch a tender offer aiming to secure a 70.5 percent stake in Sanyo, which has been slashing thousands of jobs as it tries to return to profit.
  
Panasonic said it had reached a deal to buy each share for 131 yen, valuing the deal at a maximum of 800 billion yen (around nine billion dollars) overall, after investment group Goldman Sachs and others agreed to sell their holdings.
  
In a joint statement, Panasonic and Sanyo said that the companies had to take "drastic action" to spur revenue and growth in the midst of the financial crisis and intensifying global competition.
  
"Panasonic and Sanyo believe that together they will evolve into a corporate group which will be highly admired globally" including by "coexisting in harmony with the global environment," they said.
  
Sanyo, which started off making bicycle lamps after World War II, has recently tried to focus on environmental technologies including solar energy and rechargable batteries.
  
With the acquisition, the companies hope to team up to expand in the solar business "in which significant future growth is expected," they said.
  
Sanyo, which like Panasonic is based in the western Japanese metropolis of Osaka, will remain listed, the statement said.
  
Sanyo has had a troubled few years, issuing new shares bought by Goldman Sachs and other financial firms in a bid to raise money.
  
Toshimasa Iue, a member of the founding family, stepped down last year after he clashed with the big investors over how far to restructure the company.

Date created : 2008-12-19

COMMENT(S)