Panasonic buying Sanyo and other unit for $9.4 billion
Japan's Panasonic Corp plans to buy out subsidiaries Sanyo Electric and Panasonic Electric Works for up to 818.4 billion yen ($9.4 billion) to strengthen its push into greener businesses. The world's No.4 flat TV maker will raise up to 500 billion yen in a new share issue to help finance the buyouts, sending its shares down as much as 11 percent. Under President Fumio Ohtsubo, Panasonic has been shifting away from low-margin home electronics products and investing more aggressively in solar cells, batteries and other energy-related areas which offer promising growth prospects. Panasonic said making the two subsidiaries wholly-owned would allow it to more effectively allocate management resources across the group as well as speed up decision making amid growing competition from overseas rivals.
Comments (0)
This post does not have any comments. Be the first to leave a comment below.
Featured Product
