Panasonic, Sanyo win EU takeover approval

Sep 29, 2009

(AP) -- Panasonic Corp. and Sanyo Electric Co. must sell off a European plant that makes batteries to win EU antitrust approval for the $9 billion deal creating one of the world's biggest electronics makers, the EU said Tuesday.

Panasonic, the world's biggest plasma TV maker, is launching a tender offer to take over struggling Sanyo, hoping to take advantage of the smaller rival's green businesses in solar panels and rechargeable batteries.

The European Commission said the deal could go ahead only because the two Japan-based companies had agreed to sell a battery factory to resolve possible competition problems.

Otherwise, it said the new company would have "a significant market share" for primary cylindrical lithium batteries used for alarms and utility makers, portable rechargeable nickel-metal hydride batteries for power tools and shavers as well as rechargeable coin-shape batteries based on lithium that provide back-up power for mobile phone clocks, cameras and watches.

The EU executive did not identify the location or the current owner of the plant that the companies will have to sell off.

Regulators said they also looked at how the takeover would affect competition for camcorders and flat panel televisions. It said the company would gain a limited increase in market share but this wouldn't cause problems because they would still face many other rivals.

Japan's Fair Trade Commission approved the takeover earlier this month. It will also need clearance from the U.S. and China.

©2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Explore further: Ticketfly buying WillCall for on-premise data

add to favorites email to friend print save as pdf

Related Stories

Battery Wrapped in Solar Cells Recharges in the Sun

Mar 02, 2009

(PhysOrg.com) -- Although you can buy solar charging devices for rechargeable batteries, it would be even more convenient if batteries had built-in solar cells. Sitting in sunlight, the battery could then ...

Toward improving the safety of Lithium-ion batteries

Dec 17, 2007

After recalls and fires involving Lithium-ion batteries, battery manufacturers and scientists have launched an intensive effort to improve the safety of these rechargeable power packs found in dozens of consumer electronics ...

New battery technology powers for 12 years

Oct 04, 2005

University of Wisconsin-Madison scientists say they are developing super-charged tiny lithium batteries to help treat nervous system and other disorders.

Recommended for you

Ticketfly buying WillCall for on-premise data

21 hours ago

Ticketfly Inc., a San Francisco-based technology company among several posing a challenge to Ticketmaster, is acquiring WillCall Inc., a crosstown rival that turns your smartphone into a mobile wallet at live events.

HP revenue inches up after years of decline

Aug 20, 2014

Hewlett-Packard on Wednesday reported that its quarterly revenue rose for the first time in three years, nudged by improved computer sales everywhere except Russia and China.

Restaurants experimenting with pay-in-advance tickets

Aug 20, 2014

With restaurant patrons increasingly jumping on the Internet to make reservations, some high-end eateries here and across the country are adding a new tech wrinkle: having their clientele pay for their meal in advance using ...

Chip maker Infineon to buy California firm for $3B (Update)

Aug 20, 2014

German chip maker Infineon Technologies AG says it has agreed to pay $3 billion in cash for California-based semiconductor firm International Rectifier, which produces power-management components used in everything from cars ...

User comments : 0