(November 24, 2009)
Panasonic Corporation's proposed $9 billion acquisition of Sanyo Electric Co., Ltd. has received antitrust clearance from US and European competition authorities. Weil, Gotshal & Manges represented Panasonic with respect to US and European antitrust matters relating to the transaction.
The proposed acquisition received clearance from the Federal Trade Commission on November 24, 2009. As a condition of clearance, the FTC required the divestiture of certain manufacturing assets relating to the production of nickel metal hydride batteries. The European Commission cleared the transaction on September 29, 2009, based on certain divestiture commitments. Subject to regulatory clearances in other jurisdictions, the transaction is expected to close in December 2009.
The Weil antitrust team representing Panasonic included attorneys from the firm’s New York, Washington, DC and London offices. Partners Ann Malester (DC), Debra Pearlstein (NY), Adam Hemlock (NY), and Laura Wilkinson (DC), led the US antitrust team, assisted by associates Claire Webb, Robert Yezerski, Jennifer Brace, Ausra Pumputis and Caitlin Somerman. Partner Doug Nave (London) and associates Dean O'Connell (London) and Catherine Wylie (London) handled the EU review.