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Panasonic: Sanyo takeover delayed

Feb 27 2009 12:32

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Tokyo - Japanese electronics giant Panasonic said on Friday that its takeover of smaller rival Sanyo Electric had been delayed due to regulatory issues.

Panasonic last December said it was buying Sanyo shares for a maximum value of ¥800bn from US investment firm Goldman Sachs and Japan's Daiwa Securities and Sumitomo Mitsui.

The company had aimed to announce the launch of the tender offer by late February.

"But the clearance of foreign regulations in the 11 countries we are engaged with took longer than expected," said company spokesperson Akira Kadota.

An announcement was now expected in April, he added.

Panasonic is aiming to secure a 70.5% stake in Sanyo for ¥131 per share. The spokesperson said there would be no change to the offer price.

Panasonic expects a net loss of ¥380bn in this financial year to March as recessions in major economies from Japan to Europe and the United States prompt consumers to cut their spending.

The group will also cut 15 000 jobs and shut 27 plants by the end of March, with further closures expected during fiscal year 2009.

- AFP

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