Panasonic announces plans to buy Sanyo

Electronic giant's shares take a tumble as news spreads.
Panasonic is planning to take 100 per cent ownership of its subsidiaries Sanyo Electric and Panasonic Electric Works to boost its eco-tech business.
Panasonic is planning to take 100 per cent ownership of its subsidiaries Sanyo Electric and Panasonic Electric Works to boost its eco-tech business.

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Stock markets have reacted strongly to Panasonic’s plans to buy up subsidiaries Sanyo and Panasonic Electric Works.
Panasonic released details of its tender offer for shares of Sanyo and Panasonic Electric works on July 29. The news was quickly picked up by news agency Reuters, which sparked a drop in Pansonic’s share price while Sanyo enjoyed a 26 per cent boost.

The technology giant claims to have its eyes on a greener future as it raises up to $9.4 billion (€7.2 billion), in cash and shares, for the purchase which will allow it look outside the audiovisual industry.

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