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Panasonic plans to acquire Sanyo to become Japan's largest electrical appliance maker

by:Gewinn     2022-05-04
While the global financial crisis poses an existential challenge to many companies, it may also lead to the birth of a new corporate aircraft carrier. Japan's Matsushita Electric intends to take advantage of the financial turmoil hitting the world, sitting on its rival Sanyo Electric. On November 1, Japanese media reported that Matsushita Electric was negotiating with the three major shareholders of Sanyo Electric, Goldman Sachs, Sumitomo Mitsui Banking Corporation and Daiwa Securities, and planned to acquire the shares of Sanyo Electric held by the three major shareholders and become the largest shareholder of Sanyo Electric, which is expected to be reached within this year. protocol. If the acquisition is successful, this will be the first merger between Japanese electrical giants, and the new company's sales will reach 11.22 trillion yen, surpassing Hitachi and becoming Japan's largest electrical appliance business. According to local Japanese media reports, Panasonic's three negotiating opponents are Goldman Sachs, Sumitomo Mitsui Banking Corporation and Daiwa Securities. Sanyo Electric issued 300 billion yen (about 3.05 billion U.S. dollars) of preferred stock to Goldman Sachs, Sumitomo Mitsui Banking Corporation and Daiwa Securities in 2006 to finance business restructuring. At present, these three shareholders own a total of 430 million preferred shares of Sanyo Electric. Combined with the current market value of Sanyo Electric, if each preferred stock is replaced by 10 ordinary shares, these shares are worth about 621 billion yen (about 6.31 billion US dollars). ). If all these preferred shares are converted into ordinary shares, then the three major shareholders will hold 70% of Sanyo Electric. 'This is a transaction where one plus one is greater than two. The combined battery business of the two companies will be enough to compete with other giants.' Masayoshi Okamoto, an analyst at Japan's Jujiya Securities, is very optimistic about this acquisition. 'Many Japanese companies choose to acquire battery manufacturers in their own countries. To expand, but acquiring a mature battery manufacturer like Sanyo Electric with huge capacity will be the most effective shortcut.' Panasonic's acquisition of Sanyo is based on its optimism about Sanyo's battery business. Sanyo Electric, Panasonic and Sony account for more than 60% of the global lithium battery market share. In the context of the rapid expansion of the global battery business, the three companies have announced plans to increase production in 2008. Among them, Panasonic announced in August that it will build a new lithium battery factory. Industry analysis predicts that Panasonic may need to spend more than $6 billion in order to reach the acquisition, but the current financial turmoil has left these financial institutions empty, which has also increased Panasonic's leverage. A Panasonic spokesman said that no concrete decision had been made, but he did not deny that Panasonic was in talks with Sanyo's shareholders. The spokesman of Sanyo Electric said that since the negotiation is between Panasonic and the major shareholders of Sanyo Electric, it is inconvenient to make any comments on behalf of Sanyo Electric on this matter. In the first half of 2008, it was rumored that Panasonic would acquire Sanyo Electric, but both sides denied it. However, with Panasonic's acquisition of Sanyo Electric as an opportunity, the electric motor industry may accelerate its restructuring in the fields of refrigerators, washing machines and other 'white goods' and mobile phones. At the same time, the lithium battery field, which Panasonic and Sanyo Electric are good at, is considered to be the key to the development of a new generation of environmentally friendly vehicles, and the trend after the merger may also involve the automotive industry. However, Sanyo Electric still has loss-making sectors such as semiconductors and white goods, and there are still many difficulties to overcome.
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