Panasonic to Make Sanyo a subsidiary

We reported on Monday that Panasonic Corp had a preliminary agreement for purchasing Sanyo Electric Co LTD; the move has now gone one step further. Sanyo is very close to now becoming a subsidiary of Panasonic, this move will create the world’s largest consumer electronics maker.

The deal is thought to be worth at least $8 billion, which a brokerage analyst had told Reuters. The two electronics giants will hold a joint news conference today, at 7 P.M, that’s 10:00AM GMT. The conference will be attended by Fumio Ohtsubo, Panasonic’s President and Seiichiro Sano, Sanyo’s President.

The move is one that has come of the back of a very tough year for consumer electronics sales, as there are a number of companies all trying to find ways to boost profit in these troubling times. This joining of two companies, Panasonic and Sanyo is the right one, as things are set to get a lot tougher in the coming year.

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