Panasonic to aquire Sanyo

Despite media reports across the world, Panasonic is remaining mum on the question of whether they are indeed planning acquire Sanyo. Reuters and the Tokyo press are reporting that their sources say the deal is done and will be formally announced in a press conference on Friday.

Sanyo, the world’s largest manufacturer of lithium ion batteries, has been struggling and would most likely welcome the sale. The new company that will result will become Japan’s largest electronics manufacturer and prove a formidable rival of Hitachi. Together the two companies would have revenues of over 11 trillion yen, which equals a little over $100 million US.

According to sources close to the deal, Panasonic spent the weekend in talks with Sanyo’s biggest shareholders: Daiwa Securities, Goldman Sachs, and Sumitomo Mitsui Banking Co. in preparation for the announcement. Panasonic is the leading producer of plasma TVs and both companies offer a line of consumer electronics ranging from computer monitors to phones.

Read[Reuters]