Goldman ends talks on Sanyo stake sale
U.S. bank says Panasonic offer to buy interest in electronics rival is unacceptable.
TOKYO (AP) -- Goldman Sachs said Wednesday it has ended negotiations to sell its Sanyo Electric Co. holdings to Panasonic Corp., potentially sinking Panasonic's attempt to buy its smaller electronics rival.
A spokeswoman for the U.S. bank says it could not accept the price or deal structure offered by Japan's Panasonic.
Panasonic and Sanyo earlier this month began talks on a buyout deal that could create one of the world's largest electronics companies as soon as year-end.
But Goldman (GS, Fortune 500)'s objections could delay or even sink the buyout.
Sanyo's biggest stakeholders are Goldman, Sumitomo Mitsui Banking Corp. and Daiwa Securities SMBC, which invested ¥300 billion in 2006 to rescue Sanyo. They have a combined stake of about 70%.
CNN
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