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China OKs Panasonic Acquisition of Sanyo
China's Ministry of Commerce (MOFCOM) said last week that it has approved Panasonic Corp.'s (6752.TYO) proposed acquisition of Sanyo Electric (6764.TYO, OTC:SANYY) after an 11-month investigation, reports Beijing Times.
MOFCOM's approval is contingent on Sanyo Electric divesting its coin type lithium battery business, and either Sanyo Electric or Panasonic Corp. terminating its production of nickel-hydrogen batteries for use in electronics, in order to fulfill China's anti-monopoly regulations, said the report.
According to foreign media reports, Panasonic planned to submit a bid to purchase Sanyo Electric on November 5, after receiving approval from the Chinese government, Beijing Times reported.
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