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Panasonic in talks to buy Sanyo Electric: sources

TOKYO
Fri Oct 31, 2008 11:06pm EDT

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TOKYO (Reuters) - Japanese electronics maker Panasonic Corp (6752.T) is in talks with Goldman Sachs (GS.N) and two other major shareholders of Sanyo Electric Co Ltd (6764.T) to buy a controlling stake in its smaller rival, company and financial sources said on Saturday.

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Sanyo's three main shareholders are Daiwa Securities SMBC, Sumitomo Mitsui Banking Corp and Goldman Sachs.

The combined entity would be Japan's largest electronics maker in revenue terms, surpassing Hitachi Ltd (6501.T).

Daiwa Securities SMBC is a joint venture between Daiwa Securities Group (8601.T) and Sumitomo Mitsui Financial Group (SMFG) (8316.T), while Sumitomo Mitsui Banking Corp is Sanyo's main bank and an SMFG unit.

(Reporting by Taro Fuse and Kentaro Hamada; Editing by Kim Coghill)
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