Matsushita Electric to launch talks with US fund TPG on JVC sale - report |
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Thu, 15 Mar 2007 22:43
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TOKYO (XFN-ASIA) - Matsushita Electric Industrial Co Ltd is likely to give US investment fund TPG Inc priority negotiating rights for its shares in subsidiary Victor Co of Japan (JVC), the Nikkei business paper reported, without citing sources.The world's largest consumer electronics maker picked TPG over US fund Cerberus Group, the other contender for JVC, for its higher per-share offer price as well as the likelihood that the home electronics unit will be able to quickly reverse its fortunes with TPG overseeing its restructuring, thedaily said.Matsushita will inform TPG of its decision this week, and the two will flesh out the sale price, restructuring plans and other specifics, it said.Matsushita, which holds a 52.4 pct stake in JVC, hopes to reach an agreement this month, the report said.(1 usd = 117.55 yen)yasuhiko.seki@xfn.comys/mas
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US, Singapore funds to bid to buy Japan's JVC - report 