Digital Trends

Sanyo has announced that it's agreed in principle to be taken over by rival Panasonic, although no details have been set.

Japanese electronic company Sanyo announced that it has agreed, in principle at least, to be taken over by its rival, Panasonic. If the deal happens, it would create the country’s biggest electronics company, with combined sales of $112 billion, the Financial Times reports.

However, there’s still many a slip that could happen. Panasonic now has to begin negotiations with Sanyo’s biggest shareholders, and the terms under which the company acquires the remaining common stock have to be decided.