Like all good romances, the relationship looked precarious at times. But it now looks certain that Panasonic will acquire Sanyo, following stakeholder Goldman Sachs acceptance of Panasonic’s latest share offer.
Initially, the financial giant, one of three main shareholders in Sanyo, baulked at Panasonic’s 120 yen per share offer, claiming it was too low.
Panasonic upped its offer to 131 yen yesterday which now looks to have been accepted. The two remaining shareholders, Daiwa Securities SMBC and Sumitomo Mitsui Banking have already signed up to the deal.
It’s expected that Panasonic and Sanyo will officially announce the merger on Friday.
Sanyo is particularly attractive to Panasonic because of its strong solar panel and battery operations.
Sanyo is also pioneering other green technologies, including an electric hybrid bicycle - the eneloop bike.
The merger would create Japan’s biggest electronics company.
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