Reuters – Panasonic Corp said nothing has been decided about a potential takeover of rival Sanyo Electric Co Ltd, after sources said the companies had agreed in principle to a deal to create Japan’s largest electronics maker.
Panasonic, the world’s largest plasma TV maker, and Sanyo, the No.1 supplier of rechargeable batteries, will likely make an announcement on the agreement soon, three people familiar with the deal told Reuters on Sunday.
Panasonic said on Monday it had not made an announcement about a possible purchase of Sanyo and it had not decided anything in regards to a purchase.
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The sources said Panasonic President Fumio Ohtsubo and Sanyo President Seiichiro Sano met last month and agreed in principle to Sanyo becoming a subsidiary, but that there has not been any agreement on other details such as price.
