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Panasonic near to resolving Sanyo buyout antitrust problems [Kyodo News International, Tokyo]
(Kyodo News International (Tokyo, Japan) Via Acquire Media NewsEdge) Oct. 31--OSAKA -- The head of Panasonic Corp. said Friday the company is drawing closer to resolving problems related to a string of antitrust examinations that various governments have launched in connection with Panasonic's bid to take over Sanyo Electric Co.
"The mountain's summit, which is the final solution (of the antitrust examinations), has come into sight," Panasonic President Fumio Otsubo told a news conference at which he announced the electronics maker's financial results.
Otsubo suggested that Panasonic would commence a tender offer for Sanyo shares, possibly in November, if U.S. antitrust authorities give a final go-ahead for Panasonic's move to make Sanyo into a subsidiary.
"We will make a decision by taking into account how far U.S. examiners will proceed" in their antitrust probe following action by Chinese antitrust authorities, he said.
Also Friday, the Chinese Commerce Ministry said it has decided to conditionally approve Panasonic's bid to take over Sanyo as Beijing has found no problem with regard to its antimonopoly regulations.
The ministry said it is demanding that Panasonic sell to a third party its operations related to rechargeable batteries for use in hybrid cars at a Panasonic plant in Chigasaki, Kanagawa Prefecture.
Otsubo said Panasonic wants to create synergy effects by collaborating with Sanyo on environment and energy technologies.
Panasonic officials have said the group is hoping to obtain a wide range of energy technologies ranging from fuel cell-based electric power generation to energy-saving technologies, including for rechargeable lithium ion batteries.
"We will be able to gain strong favorable effects if we sell Sanyo's solar cells through our marketing network," Otsubo said.
"Manufacturing efficiency for solar cells could also be strengthened" through the combination of the two companies' solar cell operations, he said.
He said Panasonic is almost sure that U.S. antitrust authorities will approve its takeover of Sanyo. On Tuesday, the European Commission said it has conditionally approved the move.
Panasonic and Sanyo, both based in Osaka Prefecture, have filed applications with authorities in 11 countries and territories for approval of the plan announced last December.
Panasonic plans to reduce its equity stake in Panasonic EV Energy Co., a joint venture with Toyota Motor Corp. for hybrid vehicle batteries, to less than 20 percent from the current 40 percent to expedite the move to turn Sanyo into a subsidiary, according to sources close to the matter.
To see more of Kyodo News International, go to http://www.kyodonews.com
Copyright (c) 2009, Kyodo News International, Tokyo
Distributed by McClatchy-Tribune Information Services.
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