Longreach Seen As Leading Bidder For Sanyo Logistics

Longreach Group Ltd., a HK-based investment firm, has emerged as the top prospect to buy Sanyo Electric Co's subsidiary Sanyo Electric Logistics Co., according to Nikkei. Ten or so companies were selected as potential buyers in the first round of bidding for the logistics firm this February. The selection process has narrowed them down to a few candidates, such as Longreach and Nippon Express Co., but the investment firm appears to have offered the best terms. Sanyo Electric Logistics is listed on the Jasdaq market and enjoys group sales of 38.1 billion yen with an operating profit of about 2.2 billion yen.