Goldman spurns Panasonic's sweetened bid, may buy stake of Sanyo's main shareholders

04 December 2008 @ 04:06 am EDT

Goldman Sachs Group is exploring the possibility of buying more Sanyo shares to stall Panasonic Corp.'s <6752.T> sweetened bid, a financial news site reported Thursday.

According to Bloomberg, the New York-based investment bank is mulling the possibility of buying Sanyo's shares from other main shareholders viz. Daiwa securities Group Inc. and Sumitomo Mitsui Financial Group Inc.

Goldman has spurned Panasonic's sweetened offer of 130 yen a share, saying the electric giant underestimates Sanyo's value.

The price is 23 percent less than Sanyo's closing price yesterday. Sanyo Sanyo declined 21 yen, or 12.43 percent, to 148 yen at the Tokyo Stock Exchange on Thursday.

Copyright Bloomberg. All rights reserved.

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