Panasonic to acquire Sanyo
Already a massive technology house in its own right, Panasonic has confirmed its plans to acquire Sanyo.
The buy-out, estimated to cost Panny around £5.5billion will create a $110billion technology 'behemoth', which will make it the largest in Japan's dozen company-strong consumer electronics sector.
The takeout will cover every aspect of operations, including the entire AV branch.
Global operations of both companies will be combined, though for now Sanyo will be kept as a separate brand.
'The harsh business environment makes it harder for us to attain the growth we were hoping for,' Panny's president Fumio Ohtsubo told journalists at a joint news conference with Sanyo's chief executive, Seiichiro Sano. “We could use a new pillar of growth.”
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