Panasonic Corp. will delay turning Sanyo Electric Co. into a subsidiary due to lengthy processes under U.S. and other antitrust laws, the two companies said Friday.
The two companies said they will announce a launch date of Panasonic’s tender offer for Sanyo shares in late April, marking a substantial delay from Panasonic’s initial intention of completing the buyout bid by the end of March.
In preparation for the deal to create one of the country’s largest electric machinery makers, Panasonic has been going through legal processes in the United States and countries in Europe and Asia to clear antitrust laws.
Procedures to evaluate the combined lithium-ion battery businesses of the two companies are consuming more time than expected, especially in the U.S., because of their large share of the world market in this sector, sources said.
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