Right Lane Cruiser
12-18-2008, 08:08 AM
The new offer is below Sanyo’s current market price and the decision to accept it at those levels hints at Goldman Sachs’ weakening hand. (http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5364107.ece)
http://www.cleanmpg.com/photos/data/501/Panasonic_logo.JPGLeo Lewis - Times Online (http://business.timesonline.co.uk) - Dec. 18, 2008
Both of these companies already supply Honda with batteries... will we see improved NiMH performance even as Honda is setting up a joint venture (http://www.cleanmpg.com/forums/showthread.php?t=18131) to work with LiON chemistry? -- Ed
Panasonic has triumphed in its Y800 billion (£5.8 billion) bid to acquire rival Sanyo Electric after seducing Goldman Sachs with a derisory deal sweetener — a Y1 per share advance on its most recent offer.
The transaction, which will create Japan’s biggest consumer electronics conglomerate and give Panasonic control of Sanyo’s leading-edge battery and solar panel businesses, follows weeks of wrangling with the company’s largest shareholders: a trio that includes two Japanese banks and Goldman Sachs.
Panasonic’s bid for Sanyo — a deal which senior management once said it “wanted so badly we can taste it” — hinged on the three-way decision of those financiers: when they hauled Sanyo back from the precipice of failure two years ago they were left with preferred shares that, when converted into ordinary shares, would represent a combined 70 per cent stake in Sanyo.
Just a fortnight ago, when it appeared that Sumitomo Mitsui and Daiwa Securities were prepared to accept Panasonic’s raised offer of Y130 per share, Goldman Sachs swept away from the negotiating table, slamming Panasonic’s offer as “unfair” on shareholders.
Those objections now appear to have evaporated in the face of the offer of Y131 per share tabled by Panasonic on Wednesday: an offer that was accepted within days of Goldman Sachs announcing its first quarterly loss of more than $2 billion since going public nine years ago. Goldman Sachs’ original 2006 investment in… http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5364107.ece
http://www.cleanmpg.com/photos/data/501/Panasonic_logo.JPGLeo Lewis - Times Online (http://business.timesonline.co.uk) - Dec. 18, 2008
Both of these companies already supply Honda with batteries... will we see improved NiMH performance even as Honda is setting up a joint venture (http://www.cleanmpg.com/forums/showthread.php?t=18131) to work with LiON chemistry? -- Ed
Panasonic has triumphed in its Y800 billion (£5.8 billion) bid to acquire rival Sanyo Electric after seducing Goldman Sachs with a derisory deal sweetener — a Y1 per share advance on its most recent offer.
The transaction, which will create Japan’s biggest consumer electronics conglomerate and give Panasonic control of Sanyo’s leading-edge battery and solar panel businesses, follows weeks of wrangling with the company’s largest shareholders: a trio that includes two Japanese banks and Goldman Sachs.
Panasonic’s bid for Sanyo — a deal which senior management once said it “wanted so badly we can taste it” — hinged on the three-way decision of those financiers: when they hauled Sanyo back from the precipice of failure two years ago they were left with preferred shares that, when converted into ordinary shares, would represent a combined 70 per cent stake in Sanyo.
Just a fortnight ago, when it appeared that Sumitomo Mitsui and Daiwa Securities were prepared to accept Panasonic’s raised offer of Y130 per share, Goldman Sachs swept away from the negotiating table, slamming Panasonic’s offer as “unfair” on shareholders.
Those objections now appear to have evaporated in the face of the offer of Y131 per share tabled by Panasonic on Wednesday: an offer that was accepted within days of Goldman Sachs announcing its first quarterly loss of more than $2 billion since going public nine years ago. Goldman Sachs’ original 2006 investment in… http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5364107.ece