EU Clears $9B Panasonic, Sanyo Deal With Conditions

Law360, New York (September 29, 2009, 3:55 PM EDT) -- The European Commission has cleared electronics giant Panasonic Corp.'s $8.9 billion bid to buy its smaller rival Sanyo Electric Co., provided that the companies divest certain assets to resolve concerns that the deal could have anti-competitive effects.

The EC said Tuesday that the two Japanese companies have offered to divest a plant that makes cylindrical lithium and rechargeable coin-shape batteries, and one of the companies' entire portable rechargeable nickel-metal hydride battery business, to address concerns that the deal would be anti-competitive. It didn't say which company...
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