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Panasonic to acquire Sanyo

By: , IntoMobile
Tuesday, November 4th, 2008 at 10:23 AM

Panasonic has apparently reached to a preliminary agreement to buy Sanyo Electric Co. and presidents of the two companies will hold a press conference on November 7th to announce details of the acquisition.

The world’s largest maker of consumer electronics plans to keep the Sanyo brand, most of its employees, and make the company a subsidiary by around April next year. To accomplish this task, they will buy Sanyo’s preferred shares from Sumitomo Mitsui Banking Corp., Daiwa Securities SMBC Co. and Goldman Sachs Group Inc.

The deal would create a mega-corporation with revenues over ¥11.2 trillion, which is around $110 billion.

The world is in the economic crisis and smart companies with tons of cash are in the buying spree. I would expect to see more similar deals taking place in the near future. Stay tuned…

[Via: Gizmodo, Bloomberg]

About The Author

Dusan Belic

Dusan has been using smartphones since their introduction and is now following the latest trends in the industry. The "convergence" is what he's most excited about, and writing about it is the next logical thing to do. He thinks that using a smartphone is what everyone who cares about their time should do. In addition to his interests in mobile phones, Dusan also loves to experiment with the latest web and mobile 2.0 services. The idea of accessing and managing your information from any device no matter where you are simply amazes him. Whether it's an online to-do list, note taking service or a video sharing social network, he's there to try it out. He admits though, he's still searching for the ultimate web-based organizational tool, which "sings" perfectly with the mobile PIM application. Dusan used to run SymbianWatch.com which later became part of IntoMobile. He lives in Serbia, South-East Europe, from where he edits the site on a daily basis.

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