Goldman Sachs Stalls Panasonic's Sanyo Acquisition

Sumitomo Mitsui Banking still favors a deal. Should Daiwa SMBC agree, Goldman could be outvoted, giving Panasonic control of Sanyo Electric

When Panasonic President Fumio Ohtsubo said in early November that the company was interested acquiring mid-sized tech manufacturer Sanyo Electric, he envisioned finalizing the deal by late December (, 11/7/08). The path to forming a tech giant with $110 billion in annual revenues seemed clear-cut: Panasonic would start by buying out Sanyo's three biggest investors (, 11/6/08)—Goldman Sachs (GS), Daiwa SMBC Capital and Sumitomo Mitsui Banking—for their combined 70% stake.

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