Panasonic takeover deal gets Japanese approval

Japan’s fair trade watchdog said today it has approved Panasonic’s takeover of smaller rival Sanyo Electric, a €6bn deal which would create one of the world’s biggest electronics makers.

The Fair Trade Commission has given the green light to the deal, commission official Wataru Kobayashi said.

Panasonic, the world’s biggest plasma TV maker, aims to launch a tender offer for struggling Sanyo, hoping to take advantage of the smaller rival’s green businesses in solar panels and rechargeable batteries.

Panasonic spokesman Akira Kadota said the company was waiting for clearance from anti-monopoly authorities in the United States, China and the European Union to go ahead with the takeover. He declined to say when Panasonic is to launch a tender offer.

Japan’s top-selling paper, the Yomiuri daily, said Panasonic is expected to complete the acquisition of Sanyo after October. Mr Kadota declined to confirm the report.

Shares of Panasonic rose 2.2% to 1,435 yen. Sanyo gained 1.9% to 263 yen this morning.