Panasonic Corp. and Sanyo Electric Co. have agreed that Panasonic will make Sanyo a subsidiary next spring, according to a Reuters report.
Panasonic, expected to launch a tender offer for Sanyo shares, may announce its plan to acquire the struggling electric appliance and electronics maker later this week, the report said. Panasonic is reportedly considering buying Sanyo by acquiring some of the preferred Sanyo shares now held by three major creditor institutions.
The top officials of the two companies also agreed that Sanyo's management independence would be respected, the report said. The corporate and brand names would be maintained. And Sanyo's roughly 100,000 workers would not lose their jobs.
to Daily News