Sanyo's Latest Setback
In January, 2006, Goldman Sachs (GS) combined with Sumitomo Mitsui Financial Group and Daiwa Securities SMBC to pony up $2.6 billion in return for preference shares and five seats on the board of Japanese electronics company Sanyo (SANYY). The deal gave Goldman and Daiwa SMBC, both of which invested just over $1 billion, a stake that can be converted after mid-March into 24.5% of the company's equity.
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