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Panasonic to buy out Sanyo in move towards greener business

Japanese electronics giant Panasonic plans to buy the shares it does not own in Sanyo Electric and another unit after it bought a 50 percent stake in Sanyo in December 2009, four sources said, in a deal that could top USD10 billion and strengthen its push into greener businesses.

The move is key to Panasonic’s shift to energy and environment-related businesses as it struggles to boost profits in overseas markets amid tough price competition from South Korea’s Samsung and LG. It has said it would withdraw from overlapping business with Sanyo.

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(Source: scmp.com)