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Friday, 7 November 2008 - Panasonic, Sanyo in talks on possible takeover
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    Read more with google mobile : Panasonic, Sanyo in talks on possible takeover

    Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Panasonic, Sanyo in talks on possible takeover By YURI KAGEYAMA,AP Business Writer AP - Saturday, November 8 TOKYO - Panasonic and smaller Japanese rival Sanyo said they are starting talks on a buyout deal that would create one of the world's largest electronics empire as soon as year-end. The presidents of the two companies _ Panasonic President Fumio Ohtsubo and Sanyo President Seiichiro Sano _ are holding a joint news conference later Friday in Osaka. The decision to pursue talks to make Sanyo a Panasonic subsidiary came at board meetings Friday. "Panasonic and Sanyo will start discussions with the aim of maximizing both companies' corporate values by pursuing synergies between both companies," they said in a statement. Speculation has been rife cash-rich Panasonic Corp. is interested in buying Sanyo Electric Co., which has been struggling to turn itself around. But more time is likely needed for a deal with Sanyo's biggest stakeholders, Goldman Sachs Group Inc. of the U.S. and Japanese banks Sumitomo Mitsui Banking Corp. and Daiwa Securities SMBC. Those companies invested 300 billion yen ($3 billion) in Sanyo in 2006, and hold about a combined 70 percent stake in Sanyo. Adding Sanyo to Panasonic would create Japan's biggest electronics maker, surpassing Hitachi Ltd., and become one of the world's largest electronics companies. Analysts say Panasonic is eyeing Sanyo's green energy businesses _ solar panels and batteries _ both areas that could prove lucrative in coming years. 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. But it does not have its solar cell operations. By gaining Sanyo's powerful lithium-ion battery business for autos Panasonic can hope for a significant global share when combined with its own battery operations. Panasonic makes auto batteries with Toyota Motor Corp. But Sanyo's appliance division could prove a burden because of overlap in appliances and digital gadgets. The companies said they hope to reduce production and development costs through working together on technology and joint procurement. Panasonic and Sanyo, both based in Osaka, central Japan, have historical 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, analysts say. Sanyo had been seen as a relative loser in Japan's crowded electronics sector until hopes surfaced recently about a Panasonic takeover. In recent years, Sanyo has 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 that ended in March for the first time in four years. Earlier this week, Sanyo reported July-September profit plunged 67 percent to 4.4 billion yen ($44 million) as a stronger Japanese currency, rising raw material costs and declining gadget prices hurt earnings. 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. Panasonic's profit slumped 16 percent to 55.46 billion yen ($596 million) for the July-September quarter, because of a strong yen, declining gadget prices and rising material costs. But it has fared better than some other Japanese electronics makers amid the financial crisis because it is less dependent on exports to the U.S. The invitation to the news conference came shortly after trading ended in Tokyo, but the issues jumped earlier in the week on Japanese media reports an announcement was imminent. On Friday, Panasonic shares fell 3.8 percent to 1,528 yen ($15.7), while Sanyo edged down 0.5 percent to 203 yen ($2). 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 EU leaders debate financial reform to-do listAP - 1 hour 5 minutes ago Myanmar and Bangladesh meet over sea disputeAP - 1 hour 44 minutes ago Goldman expects China share mkt to improve next yearReuters - 1 hour 45 minutes ago Dollar mostly lower in EuropeAP - 1 hour 51 minutes ago Philippines surprises with bank reserve cutReuters - 1 hour 53 minutes ago Most Popular – Business Viewed Among Obama's next challenges: his own security IMF sees recession in advanced economies in 2009 US doctors tell Liu Xiang he needs surgery Obama's grandmother, family 'rock', dies on election eve World stocks plunge on rising recession fears View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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