More food deals on the table in 2010
There are too many supermarkets and this is likely the year that healthy players, like Wegmans and Publix, could begin to swallow smaller or struggling operators, the head of a food and retail industry consulting firm told Reuters. Full Article
Sanyo: No plan to shut businesses because of takeover
OSAKA (Reuters) - Japan's Sanyo Electric Co Ltd (6764.T) said its takeover by Panasonic Corp (6752.T) is unlikely to cause the world's largest rechargeable battery maker to withdraw from any of its existing businesses.
Panasonic this month acquired a majority stake in Sanyo, raising investor concerns over the fate of some of Sanyo's operations that overlap with Panasonic's, such as microchips and household appliances.
"Our new ties with Panasonic seem to have made some people worry about potential business closures. I have no such plan in my mind," Sanyo President Seiichiro Sano told a group of reporters on Thursday.
"We might need to be more selective with our business portfolio and we might need to shuffle human resources between operations. But that's what we'll do on our own, not because there are some overlaps with Panasonic," he said.
The new Panasonic group has a strong presence in the market for auto-use rechargeable batteries.
Customers for Sanyo's hybrid car batteries include Honda Motor Co Ltd (7267.T), Ford Motor Co (F.N) and PSA Peugeot Citroen (PEUP.PA), while Panasonic runs a joint venture with Toyota Motor Corp (7203.T) to develop and make hybrid and electric car batteries.
Shares in Sanyo were down 1.2 percent at 171 yen, underperforming the Nikkei average .N225, which gained 1.5 percent.
(Reporting by Kiyoshi Takenaka; Editing by Michael Watson)
