OSAKA (Kyodo) Struggling electronics maker Sanyo Electric Co. said Thursday it has canceled plans to set up a cell phone venture with Nokia Corp. of Finland, the world’s largest handset maker.
The two had been in talks over a proposal to spin off their CDMA2000 operations to a joint venture in the United States, after they reached a basic accord in February to set up the venture, possibly in July, with an eye to boosting global sales.
But the negotiations appear to have hit a snag due to disagreements over the venture’s management structure, including the size of stakes to be held by third parties that might have joined in, industry officials said.
The breakdown of the talks may hurt Sanyo’s plans to clean up its books and affect its other lines of business, they added.
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