P.M. BRIEFING : Polly Peck Buys 51% of Sansui
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TOKYO — British conglomerate Polly Peck International PLC agreed to buy a majority stake in financially troubled Sansui Electric Co., the Japanese audio equipment maker said today.
Under the agreement, Polly Peck will pay $110 million for a 51% stake in Sansui Electric.
Sansui, which makes stereo amplifiers and other audio equipment, has fallen on hard times in recent years as the strong Japanese yen has cut into its sales overseas.
Stock market analysts estimated that it has racked up between $70 million and $77 million in losses.
“The deal makes sense for Sansui,” said Virginia Koumoudjian, consumer electronic analyst at broker Baring Securities. But she said she is puzzled as to what Polly Peck--known in Britain for its women’s stockings--will get out of the agreement.
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