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Panasonic set to launch bid for Sanyo

Panasonic is looking at launching an ambitious bid for Sanyo according to media reports in Japan. 

The reports over the weekend said the potential deal is stimulated by Panasonic’s interest in Sanyo expertise on solar and lithium-ion batteries, but both companies also manufacture air conditioning equipment.

If the acquisition goes ahead Panasonic will move to buy up the stakes of major Sanyo shareholders Goldman Sachs, Sumitomo Mitsui Bank and Daiwa Securities.

This will create Japan’s largest electronics group with combined revenues of £69 billion.

But, despite the speculation this week a European Panasonic spokesman insisted today: “Panasonic has not made any comment regarding a potential purchase of Sanyo.'