Panasonic unveils Sanyo purchase plans
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.