| Panasonic Shareholders OK Sanyo Bid |
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| Friday, 19 December 2008 11:59 | |||
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TOKYO – Panasonic Corp. shareholders have agreed to offer $9 billion for Sanyo, a deal that could make way for one of the world’s largest electronics firms. Investment bank Goldman Sachs, a major Panasonic shareholder, has agreed the to plan, according to reports. Sanyo would become a Panasonic subsidiary under the deal, which is expected to be completed by February. Panasonic, which until recently operated under the name Matsushita, is the world’s fourth largest maker of electronics and electrical equipment, while Sanyo ranks 15th. The combined company would have combined revenues of about $113 billion, ranking second, behind Siemens. Sanyo’s profits dropped about 67% to $49 million in the September quarter. Panasonic's profit for the quarter fell 16% to $624 million.
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| Last Updated on Friday, 19 December 2008 12:00 |
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