Panasonic Corp. is in talks with automotive parts makers for possible acquisitions or alliances as Japan’s No. 2 television producer seeks to expand the components it delivers to vehicle manufacturers.
Sony Corp. President Kazuo Hirai is paying the price for trying to revive ailing TV and smartphone sales, with more than $2 billion of market value lost today, as his counterpart at Panasonic Corp. benefits from paring those units as it struggles to compete.
Panasonic Corp., the biggest supplier of lithium-ion batteries used in electric cars, won a new contract to supply cells to Tesla Motors Inc.’s Model S and Model X in a deal that may generate $7 billion in revenue.
Simpson Thacher & Bartlett LLP and Nishimura & Asahi are representing KKR & Co., which agreed to buy Panasonic Corp.’s health-care unit for about 165 billion yen ($1.67 billion). Panasonic received legal advice from Nagashima Ohno & Tsunematsu.
Panasonic Corp., seeking to turn around after a record loss last year, said restructuring costs this year may exceed an initial estimate as the company takes charges to cut jobs and accounts for depreciation of factories.