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Monday, 3 November 2008 - Panasonic, Sanyo shares soar amid takeover reports
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    Read more with google mobile : Panasonic, Sanyo shares soar amid takeover reports

    Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Panasonic, Sanyo shares soar amid takeover reports By YURI KAGEYAMA,AP Business Writer AP - 1 hour 3 minutes ago TOKYO - Weekend reports Panasonic Corp. may acquire rival Sanyo Electric Co. sent share prices of the Japanese electronics makers soaring in Tokyo Tuesday _ a bit of bright news in an otherwise gloomy market. The deal, if realized, would provide much-needed cash for Goldman Sachs Group Inc. of the U.S., which along with Japanese banks Sumitomo Mitsui Banking Corp. and Daiwa Securities SMBC invested 300 billion yen ($3 billion) in Sanyo in 2006. The reports have triggered speculation that Japan's electronics industry, now crowded with about a dozen makers, could consolidate. Adding Sanyo to Panasonic would create Japan's biggest electronics maker, surpassing Hitachi Ltd., and be among the largest in the world. Sanyo's solar panel business would likely prove an asset for electronics giant Panasonic amid growing interest for green energy. Panasonic, which changed its name from Matsushita Electric Industrial Co. last month, is a leading maker of flat-panel TVs, digital cameras and DVD players. Sanyo's shares have tumbled by a third the last two months, giving Panasonic an opportunity to exploit the recent plunge in the Tokyo stock market to buy a smaller rival. Sanyo shares were untraded because of a rush of buy orders, and was at a bid-only 195 yen ($1.96). It had closed Friday at 145 yen ($1.46). Panasonic also shot up, closing up 6.8 percent to 1,614 yen ($16). The Nikkei, Japan's largest business newspaper, and Kyodo News agency reported Saturday the companies were in talks for a deal. Markets were closed Monday for a national holiday, so Tuesday was the first day investors could buy and sell shares. Panasonic and Sanyo officials denied Tuesday that any deal has been reached. But a deal would also benefit financial companies with stakes in Sanyo and which have come under pressure in the global financial crisis. Goldman Sachs and the two Japanese financials hold about a combined 70 percent stake in Sanyo if their preferred shares are converted into common stock, according to Sanyo. In September, Warren Buffet's Berkshire Hathaway Inc. said it was investing at least $5 billion in Goldman Sachs Group Inc. in a deal aimed at shoring up the bank's balance sheets and calming creditors. Last week Sumitomo Mitsui Financial Group cut its profit forecast for the fiscal year ending March 2009, by 63 percent. Koya Tabata, analyst with Credit Suisse in Tokyo, said he was monitoring whether Panasonic completes a study toward a buyout. Among risk factors is a possible supply glut of Sanyo batteries and other products from the recent economic slowdown, while Sanyo's battery and solar cell businesses could help make Panasonic more competitive, according to his report. Panasonic and Sanyo, both based in Osaka, central Japan, have historic ties. Sanyo's founder was a brother-in-law of Panasonic's founder Konosuke Matsushita. Although such ties may not directly affect the outcome of a deal, they could help make for a smoother acquisition because of shared corporate cultures. In recent years, Sanyo has been struggling to turn itself around and has shed unprofitable operations and slashed jobs to focus on its core businesses, which include batteries and well as solar energy. It swung to profit in the fiscal year ended March for the first time in four years. Sanyo was hurt by a 2007 accounting scandal about falsifying past earnings and reporting a profit when it was in the red. The scandal forced a reshuffle at its top management. Sanyo also suffered from a 2004 earthquake near its chip-making plant. Sanyo is scheduled to report earnings Wednesday. Panasonic has fared relatively better against the strong yen than some Japanese rivals, such as Sony, because Panasonic depends less on foreign sales. The benchmark for Tokyo's stock market has plunged about 40 percent this year on worries that a global recession will weaken demand for exports and erode corporate profits. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business India to allocate 3G spectrum by end-Jan - govtReuters - 35 minutes ago Fujitsu to buy Siemens stake in PC joint ventureReuters - 36 minutes ago RPT-TOPWRAP 2-Australia cuts rates; world recession gloom buildsReuters - 38 minutes ago Indian rupee pares losses as foreign banks sell dlrsReuters - 39 minutes ago Asian stock markets mixed ahead of US electionAP - 40 minutes ago Most Popular – Business Viewed Foods to prevent disease? Obama in command on eve of US vote Hamilton pips Massa to Formula One title in tense Brazil finale Formula One driver Hamilton wins 2008 F1 championship Australia anxious as Indonesia prepares to execute Bali bombers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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