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Panasonic wins conditional EU approval to buy Sanyo

Japanese electronics giant Panasonic won approval on Tuesday from the European Union (EU) to buy its rival Sanyo Electric on condition that it sells certain battery production facilities in Europe.

The European Commission, the EU's competition guardian, said after Panasonic pledged to divest certain battery production facilities in markets where competition concerns were identified, it concluded that the operation would not significantly impede effective competition.

"In view of the remedies offered, I am satisfied that competition will remain vigorous after the merger and that purchasers of batteries will continue to benefit from choice and competitive prices," said Competition Commissioner Neelie Kroes.

Both Sanyo and Panasonic are diversified industrial groups.

Panasonic is primarily active worldwide in the development, manufacture, and sale of a wide range of audiovisual and communication products, home appliances, electronic components and devices including batteries and industrial products.

Sanyo is primarily active worldwide in the development, manufacture, and sale of consumer products, commercial equipment, electronic components including batteries and industrial logistics and maintenance equipment.

The commission's investigation identified competition concerns in a number of battery markets where the merged entity would have a significant market share.

Panasonic and Sanyo agreed to the merger deal in December 2008, which is worth 9 billion U.S. dollars and would create one of the world's biggest electronics makers.

 Source : Xinhua  Editor: Ivy
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