Matsushita, Sanyo deny merger reports

Deals

Panasonic maker Matsushita Electric Industrial Co and Sanyo Electric Co both denied a report that they may consider a business and capital tie-up or a merger.

The Japanese Yomiuri newspaper reported that a plan had been prepared for business and capital links between the two companies and they could merge in the future.

“It is not true that a tie-up with Sanyo is now under consideration,” Matsushita spokesman Akira Kadota said in a brief statement to the Tokyo Stock Exchange.

Sanyo spokesman Hiroshi Tsuchiya also said the report was not true, adding there was no ongoing tie-up talks with Matsushita or any other companies.

But if the consolidation was achieved, as the newspaper reported, it would create Japan's largest electronics maker with sales of ¥11.3 trillion ($101.8 billion), surpassing Hitachi Ltd., which has annual sales of ¥10 trillion.

After the report, Sanyo leapt 9.2% on the Tokyo Stock Exchange, the highest since June 6, 2006. Matsushita rose 1.2%, above a 0.9% rise in the benchmark Nikkei stock average. (Xinhua)

ADVERTISEMENT

Századvég raises GDP forecast to 7.8% Analysis

Századvég raises GDP forecast to 7.8%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

Tungsram switches to hybrid work HR

Tungsram switches to hybrid work

Budapest leaders make public transport free for under-14s City

Budapest leaders make public transport free for under-14s

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.