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Progress Regarding Preparation for Tender Offer by Panasonic for SANYO Shares
Panasonic Corporation (NYSE: PC/ TSE:6752, "Panasonic") and SANYO Electric Co. Ltd. (TSE:6764, "SANYO") are currently preparing for the public tender offer for SANYO shares by Panasonic (the “Tender Offer”) following the conclusion of the Capital and Business Alliance Agreement announced in the press release titled “Panasonic and SANYO Agree to Capital and Business Alliance” dated December 19, 2008. As scheduled, an update is being provided regarding the progress of procedures required for the launch of the Tender Offer under domestic and international competition laws and regulations as follows:
Pursuant to domestic and foreign competition laws and regulations, all procedures in Japan, the U.S., Europe, China and other countries required for the launch of the Tender Offer are in progress, including responses to the Request for Additional Information (Second Request) which Panasonic and SANYO received in the U.S. The Tender Offer is scheduled to be launched as soon as practicable following the completion of necessary procedures and measures under domestic and foreign competition laws and regulations. Update on further progress of procedures under the competition laws and regulations and information on the timing of the launch will be announced around late April 2009.
