Panasonic mulling Sanyo buy

11/2/2008 JAPAN News reports say Panasonic may buy struggling Sanyo and will soon enter negotiations with major shareholders.

The Nikkei, Japan's largest business paper, and Kyodo News Agency both report a deal may be struck by the end of this year.

Sanyo was rescued in 2006 with a $3 billion investment by Goldman Sachs, Sumitomo Mitsui Banking and Daiwa Securities, which became the company's biggest shareholders.

The cash from a share sale to Panasonic would be helpful to the banks, which are feeling the effects of the global financial slowdown.

A deal would let Panasonic merge Sanyo's large battery operations with its own, as well as gain possession of Sanyo's solar panel business and enter the quickly growing industry.

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