Panasonic To Buy Out Sanyo, Electric Unit For $9B

Law360, New York (July 29, 2010, 5:29 PM EDT) -- Less than a year after finalizing its acquisition of a 50 percent stake in Sanyo Electric Co. Ltd. for 403.8 billion yen ($4.6 billion), Japan's Panasonic Corp. has announced plans to buy out Sanyo and another subsidiary, Panasonic Electric Works, for a total of 818.4 billion yen ($9.4 billion).

In a statement Thursday, Panasonic said it would use the estimated 500 billion yen ($5.7 billion) raised from a new share issue to bolster its finances and fund a move toward more environmentally friendly businesses.

Panasonic said...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.