Panasonic has confirmed that they are set tp proceed with the acquisition of Sanyo Electric and that the feal will cost them around $4.5 billion.
Panasonic has confirmed that they are set tp proceed with theacquisition of Sanyo Electric and that the feal will cost them around $4.5 billion.
Last week the Japanese Company returned to profitability after announcing $5 Billion in losses earlier this year.
Sanyo is the largest global supplier of rechargeable batteries for laptops, cameras, mobile phones and other portable gizmos. Panasonic’s purchase, will create a powerhouse in batteries for hybrid gas-electric cars. Together, the two might expand into other sectors, such as electric vehicles and green grid technologies.
The two sides actually announced their plans in November 2008. But Panasonic waited for antitrust authorities in Japan and other countries to give their approval before proceeding.