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Panasonic plans to buyout Sanyo

07-30-2010 08:40 BJT

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Consumer electronics giant Panasonic is planning to buy the shares it doesn't already own, in Sanyo Electric and another unit. The deal could top 10 billion US dollars.

The world's number four flat screen TV maker plans to raise up to 500 billion yen in a new share issue to help it finance the buyout. Sanyo is the world's top maker of rechargeable batteries, while also producing solar cells, a segment that Panasonic has been shifting towards.

The move is key to Panasonic's strategy of moving to energy and environment-related businesses, as it struggles to boost profits in overseas markets amid tough price competition from South Korea's Samsung and LG.

Editor:Xiong Qu |Source: CNTV.CN

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