Saturday, December 20, 2008

Panasonic Set to Acquire Sanyo for $9 Billion

In a sign of the times, struggling Japanese electronics behemoths Panasonic and Sanyo will combine, with Panasonic acquiring its former rival for $9 billion. Sanyo President Seiichiro Sano, at a news conference, responded to reports by saying that the deal "is opening a way to fight these tough times that come only once in a 100 years." As we all know too well, the current economic pain is everywhere as firms struggle for their very survival.