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Oct 29, 2009
Progress Regarding Preparation for Tender Offer by Panasonic for SANYO Shares (Update)
Osaka, October 29, 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, June 29 and August 31, 2009, on the progress of preparation including the procedures required for the implementation of the Tender Offer under domestic and foreign competition laws and regulations as follows:
Pursuant to domestic and foreign competition laws and regulations, efforts have been made to complete necessary procedures in jurisdictions including Japan, the U.S., Europe and China required for the implementation of the Tender Offer. The necessary procedures have been completed in the jurisdictions except for the U.S. and China. We proposed certain remedies to the competition law authority in China in order to resolve competition concerns. The authority's investigation is progressing toward approval which would be conditional upon such remedies. It is expected that the decision of the Chinese competition law authority will be issued no later than November 3, 2009, which is the deadline of the investigation. We also proposed certain remedies to the competition law authority in the U.S. in order to resolve competition concerns, and the authority's investigation is in progress. Further information on the launch of the Tender Offer will be announced promptly after it is determined considering the progress of these procedures.
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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