Panasonic wants to take over Sanyo
The goal is clear: Panasonic will be the second largest electronics company in the world. What set the company for it on the table must be, is not known to run the negotiations with the takeover candidates but Sanyo.
The boards of directors of both companies agreed to open talks with the goal of a capital and business alliance that makes Sanyo Electric to a subsidiary of Panasonic. Panasonic striving for a majority stake, as the presidents of both companies announcing today. This arises in terms of sales after General Electric (GE) from the USA's second largest electronics company in the world. In Japan, Panasonic will have overtaken the previous number one Hitachi.
Sanyo is the world's largest manufacturer of lithium-ion batteries for personal computers and mobile phones, as well as strong in solar cells. Through an acquisition, Panasonic would secure a significant market share for rechargeable batteries and position itself at the same time in the fast-growing market for solar cells. This Panasonic would be a significant competitor for German solar manufacturers such as Q-Cells. It would be the first full merger between two major Japanese electronics companies.
In a joint statement on the planned alliance, it was said that the possible fields of cooperation of mutual technological assistance are one of rechargeable batteries. Panasonic's global distribution network could also be used to Sanyo to expand solar energy and business. Sanyo's business, according to media independence will be preserved in the alliance.
Towards the end of the year they would inform on the progress of work on a capital and business alliance, or earlier if necessary, shared with the two Osaka-based company. Panasonic will soon lead negotiations with Sanyo's three largest shareholders on a sale of preferred stock held at Sanyo. These are the two Japanese financial houses Sumitomo Mitsui Banking and Daiwa Securities SMBC Co. Group and the U.S. financial group Goldman Sachs They invested 2006 300 billion yen (2.4 billion euros) in Sanyo and both received preference shares with which they currently hold some 70 percent of Sanyo.
Panasonic and Sanyo together expect for the current fiscal year sales of about 11.2 trillion yen, more than the 10.9 trillion yen of the previous industry leader in Japan, Hitachi. Sanyo was regarded for years as concern for the Japanese electronics industry.
This contributed in addition to the earnings weakness accounting manipulation and management deficiencies. Under the new Group President Seiichiro Sano Sanyo had in the past fiscal year 2007/2008, finally managed a turnaround in earnings.
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