Panasonic maker Matsushita Electric Industrial Co and Sanyo Electric Co on Monday both denied the report that they may consider a business and capital tie-up or a merger.
The Japanese Yomiuri newspaper reported that a plan had been prepared for business and capital links between the two companies and they could merge in the future.
"It is not true that a tie-up with Sanyo is now under consideration," Matsushita spokesman Akira Kadota said in a brief statement to the Tokyo Stock Exchange.
Sanyo spokesman Hiroshi Tsuchiya also said the report was not true, adding there was no ongoing tie-up talks with Matsushita or any other companies.
But if the consolidation was achieved, as the newpaper reported, it would create Japan's largest electronics maker with sales of 11.3 trillion yen (101.8 billion U.S. dollars), surpassing Hitachi Ltd., which has annual sales of 10 trillion yen.
After the report, Sanyo leapt 9.2 percent on the Tokyo Stock Exchange, the highest since June 6, 2006. Matsushita rose 1.2 percent, above a 0.9 percent rise in the benchmark Nikkei stock average.
Trading in both stocks were halted for a short time by the Tokyo Stock Exchange.
Source: Xinhua/Agencies
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