Panasonic to takeover Sanyo

The world’s largest consumer electronics firm, Panasonic Corp, have now reached a preliminary agreement for purchasing Sanyo Electronic Co. Both presidents of Panasonic and Sanyo are to hold a conference on November 7.

It is thought that Panasonic will make Sanyo a subsidiary around April 2009, when they are thought to purchase the preferred shares that are owned by Sumitomo Mitsui Banking Corp, Goldman Sachs Group and Daiwa Securities SMBC Co.

Sanyo employees are thought to be very concerned about their jobs, but Panasonic has said that they hope to keep most of the Sanyo employees, as well as keeping the Sanyo brand name. As yet there is no more information on the deal

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