The European Union has granted Panasonic conditional approval to take over Sanyo Electric. The deal is the biggest merger of two consumer electronics Companies.
The European Union has granted Panasonic conditional approval to take over Sanyo Electric.The deal is the biggest merger of two consumer electronic Companies.
The European Commission in a communique to both parties that it would approve the $8.9 billio doillar takeover provided that Panasonic divest some battery production.
The transaction would give Panasonic access to Sanyo’s solar-cell technology and make it the world’s No.1 maker of rechargeable batteries used in mobile phones and laptop computers. Both companies are based in Osaka, western Japan.
Recently Sanyo has tried to focus on environmental technologies — areas coveted by Panasonic, which is cutting 15,000 jobs and closing dozens of plants as it struggles to recover from its first annual loss for six years.