Kenwood knows nothing about JVC takeover

By James Wells in Las Vegas

LAS VEGAS: Kenwood Electronics told Current.com.au today that it knows nothing about the potential purchase of JVC from Panasonic’s parent company, Matsushita, which was reported by Reuters last week.

A Kenwood Electronics public relations manager for North America told Current.com.au that the first he knew about the potential acquisition by his company was when he read an article in a local trade magazine for the electrical industry.

"We are Kenwood — are you sure you have the right company? The first we heard about the JVC deal was in a magazine. Maybe something is happening in Japan, but no one knows about over the other side of the world."

The purchase has not been publicly confirmed, but the internet is awash with rumours of the acquisition. In an attempt to curb the chatter, Panasonic’s global website has posted an official Matsushita statement that says: "The Company has not decided anything in regards to the sale of its stake in Victor Company of Japan, Ltd."

Matsushita owns the controlling share, at 52.4 percent, of Victor Company of Japan (JVC), according to Reuters.

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