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Aug 31, 2009
Progress Regarding Preparation for Tender Offer by Panasonic for SANYO Shares (Update)
Osaka, August 31, 2009 --- Panasonic Corporation (NYSE: PC/ TSE: 6752, "Panasonic") and SANYO Electric Co. Ltd. (TSE: 6764, "SANYO") are currently preparing for the public tender offer for SANYO shares by Panasonic (the "Tender Offer") following the conclusion of the Capital and Business Alliance Agreement announced in the press release titled "Panasonic and SANYO Agree to Capital and Business Alliance" dated December 19, 2008. This is an update, following the progress reports dated February 27, April 28 and June 29, 2009, on the progress of preparation including the procedures required for the launch of the Tender Offer under domestic and foreign competition laws and regulations as follows:
Pursuant to domestic and foreign competition laws and regulations, necessary procedures in the countries including Japan, the U.S., Europe and China required for the launch of the Tender Offer are in progress. The procedures in some countries have been completed and Panasonic and SANYO will continue to make their efforts to promptly complete necessary procedures and measures in the remaining countries. The Tender Offer is scheduled to be launched as soon as practicable following the completion of necessary procedures and measures under domestic and foreign competition laws and regulations.
Update on further progress of procedures under the competition laws and regulations and information on the timing of the launch will be announced upon occurrence of significant development or change in the progress toward the Tender Offer or no later than late October 2009.
Best known for its Panasonic brand name, Panasonic Corporation is a worldwide leader in the development and manufacturing of electronic products for a wide range of consumer, business, and industrial needs. Based in Osaka, Japan, the company recorded consolidated net sales of 7.77 trillion yen (approx. US$78.4 billion) for the year ended March 31, 2009. The company's shares are listed on the Tokyo, Osaka, Nagoya and New York (NYSE:PC) stock exchanges. For more information on the company and the Panasonic brand, visit the company's website at http://panasonic.net/.
SANYO Electric Co., Ltd. is a leading company for energy and environment, providing solutions for energy, environment and lifestyle applications based on its brand vision 'Think GAIA.' SANYO's businesses are divided into three business domains: Energy, Ecology and Electronics. These three areas cover a broad range of products and services such as rechargeable batteries, photovoltaic systems, HVAC/R equipment, digital imaging devices, personal navigation systems, home appliances, electronic components and others. For further information, please visit SANYO's web site at http://sanyo.com/.
- Akira Kadota
- International PR
SANYO Electric Co., Ltd.
- Hiroyuki Okamoto, Kumiko Makino
- Global Communications Dept.
Panasonic News Bureau
- Makoto Mihara
- Investor Relations
- Kenichi Sato
- Investor Relations
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