Japan's Panasonic and Sanyo in takeover talks

Panasonic and smaller Japanese rival Sanyo said Friday they are starting talks on a buyout deal that would create one of the world's largest electronics companies as soon as year-end.

Panasonic President Fumio Ohtsubo and Sanyo President Seiichiro Sano shook hands at a news conference in Osaka, monitored by satellite TV in Tokyo, underlining their willingness to negotiate Panasonic's acquisition of Sanyo.

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