ID :
29185
Sat, 11/08/2008 - 22:40
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https://oananews.org//node/29185
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Sanyo likely to remain listed firm after acquisition by Panasonic
OSAKA, Nov. 8 Kyodo -
Panasonic Corp. is planning to keep Sanyo Electric Co.'s shares listed after turning Sanyo into a subsidiary by next spring, sources close to the matter said Saturday.
Panasonic believes it is necessary to have Sanyo remain on the market to
maintain the Sanyo brand and show respect for its business management, the
sources said.
Panasonic is expected to launch a tender offer for Sanyo shares in January,
with an eye to making the company a subsidiary in April.
At a joint press conference to announce the capital and business alliance
Friday, Panasonic President Fumio Otsubo declined to mention any specific
number of Sanyo shares the company intends to buy, though he said Panasonic
wants to control the majority of Sanyo shares.
According to the sources, Sanyo will need to clear guidelines set by Tokyo
Stock Exchange Group Inc. such as the ratio of holdings by large shareholders
and the number of outstanding shares.
If preferred shares owned by three major shareholders of Sanyo, including U.S.
investment bank Goldman Sachs Group Inc., are converted into common shares,
they will account for more than 70 percent of all the maker's outstanding
shares, the sources said.
Panasonic, an Osaka-based consumer electronics giant, is now studying several
options for a planned tender offer bid for Sanyo, a smaller rival also based in
Osaka Prefecture, they said.
Panasonic Electric Works Co., a subsidiary in which Panasonic owns a 51 percent
stake, remains listed.
Meanwhile, Panasonic will likely start an asset assessment at Sanyo soon and
launch full-scale negotiations with Sanyo's three major shareholders, the
sources said.
The planned merger is expected to create the world's second-largest electric
appliance group in terms of sales after General Electric Co. of the United
States.
==Kyodo
Panasonic Corp. is planning to keep Sanyo Electric Co.'s shares listed after turning Sanyo into a subsidiary by next spring, sources close to the matter said Saturday.
Panasonic believes it is necessary to have Sanyo remain on the market to
maintain the Sanyo brand and show respect for its business management, the
sources said.
Panasonic is expected to launch a tender offer for Sanyo shares in January,
with an eye to making the company a subsidiary in April.
At a joint press conference to announce the capital and business alliance
Friday, Panasonic President Fumio Otsubo declined to mention any specific
number of Sanyo shares the company intends to buy, though he said Panasonic
wants to control the majority of Sanyo shares.
According to the sources, Sanyo will need to clear guidelines set by Tokyo
Stock Exchange Group Inc. such as the ratio of holdings by large shareholders
and the number of outstanding shares.
If preferred shares owned by three major shareholders of Sanyo, including U.S.
investment bank Goldman Sachs Group Inc., are converted into common shares,
they will account for more than 70 percent of all the maker's outstanding
shares, the sources said.
Panasonic, an Osaka-based consumer electronics giant, is now studying several
options for a planned tender offer bid for Sanyo, a smaller rival also based in
Osaka Prefecture, they said.
Panasonic Electric Works Co., a subsidiary in which Panasonic owns a 51 percent
stake, remains listed.
Meanwhile, Panasonic will likely start an asset assessment at Sanyo soon and
launch full-scale negotiations with Sanyo's three major shareholders, the
sources said.
The planned merger is expected to create the world's second-largest electric
appliance group in terms of sales after General Electric Co. of the United
States.
==Kyodo
