Panasonic still awaits approvals for Sanyo bid

Panasonic still awaits approvals for Sanyo bid
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First Published: Mon, Aug 31 2009. 01 20 PM IST
Updated: Mon, Aug 31 2009. 01 20 PM IST
Tokyo: Japan’s Panasonic Corp said on Monday it was still waiting for an approval from four anti-trust regulators for its planned acquisition of Sanyo Electric Co Ltd.
It said it would give another update on its plan to take control of the world’s largest rechargeable battery maker, a deal worth at least 400 billion yen ($4.3 billion), by end-October.
Panasonic, which vies with Sony Corp for the title of the world’s largest consumer electronics maker, said in December it would offer 131 yen per Sanyo share and has so far gained clearance from seven anti-monopoly regulators worldwide. Panasonic plans to start the tender offer for Sanyo shares soon after it wins regulatory approval in 11 countries and regions including China, Europe and the United States.
The company declined to say which countries or regions have given it the go-ahead and which ones have yet to make a decision.
Its shares closed down 0.5% at 1,490 yen, while Sanyo’s shares were down 1.2 percent at 251 yen.
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First Published: Mon, Aug 31 2009. 01 20 PM IST