China approves Panasonic buy of Sanyo with conditions
Published: 01 Nov 2009 16:56:04 PSTSHANGHAI, Oct 30 - China's ministry of commerce said on Friday it had granted Panasonic Corp anti-monopoly clearance for its acquisition of Sanyo Electric Co Ltd subject to certain conditions.
Panasonic said last December it would spend at least 400 billion yen ($4.40 billion) to take control of Sanyo Electric, the world's largest rechargeable battery maker, and has been seeking approval from anti-monopoly regulators worldwide.
After receiving approval from the EU, Japan and others, Panasonic was still awaiting the green light from China and the United States before launching a tender offer for Sanyo.
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