Panasonic to take over Sanyo

By Incorrect Author 6 November 2009

Japanese electronics giant Panasonic (2008/09 revenues: $77 billion, the world's biggest plasma TV producer) announced on Thursday that it had finally taken over its much smaller competitor, Sanyo, for $4.4 billion. Owned by Daiwa Securities, Goldman Sachs and Sumitomo Mitsui Banking, Sanyo’s life in the last couple of years was not pretty. Recently, it had to chop its entire top management over an accounting scandal, and it also had to lay-off thousands of workers after sustained losses. But Sanyo has the potential to be the goose that lays the golden egg for Panasonic, as its green energy businesses can catapult it to a major role in the market for solar panels and hybrid car batteries. Read more: BBC News

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