Page last updated at 12:31 GMT, Wednesday, 5 November 2008

Sanyo up on acquisition reports

Panasonic and Sanyo signs
Sanyo has seen quarterly profits fall

Troubled Japanese electronics firm Sanyo has seen its shares rise nearly 18%, amid speculation that it could be bought by rival Panasonic.

Sanyo shares ended 17.9% higher on Wednesday at 230 yen ($2.30; 1.40).

The rise came as the firm said its net profits for the third quarter had fallen 67% to 4.4bn yen from 13.4bn in the same period last year.

Analysts argue that Panasonic could benefit from Sanyo's strength in lithium-ion batteries and solar panels.

Sanyo issued a statement saying "nothing has been officially decided," after reports about a possible tie-up.

Despite the third quarter profits fall, Sanyo is still forecasting that its 2009 profits will be 22% higher at 35bn yen.

"We feel that we are in the intermediate step in the process toward accomplishing the new mid-term management plan," said Seeichiro Sano, Sanyo's president.

The firm said it was making investments with the aim of becoming "a leading provider of environment and energy-related products".

Sales for period between July and September fell 0.8% to 527bn yen, Sanyo said, but sales in its solar and batteries divisions remained robust.

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