Panasonic to take over Sanyo Electric as its subsidiary. In April 2009 at earliest
11, 10. 2008
Panasonic Corp. is expected to make a TOB for Sanyo Electric Co., which is now struggling to rehabilitate its troubled management. Panasonic is aiming at acquiring more than one half of Sanyo's shares and place Sanyo under its wing as its subsidiary by April 2009. Panasonic will take control over Sanyo's core business of batteries and AV equipment. This would mean that Sanyo will become the biggest Japanese electric machinery maker with annual sales topping 11 trillion yen.
Immediately after the Panasonic's takeover plan was reported on Nov. 4, 2008, the Sanyo Electric shares remained untraded during the morning session as no buying prices were offered amid the speculation about the TOB and favorable views toward the rehabilitation of Sanyo's management, heightening the bullish move of its shares. The Panasonic shares were also rising.