In the January 26 update, we noted the increasing international enforcement of anti-trust laws. This was well illustrated by news that the Panasonic - Sanyo merger in Japan is being delayed by the U.S. Justice Department's review of the merger and its effect in the United States (The Japan Times, January 30, 2009). Panasonic, based in Japan and one of the largest consumer electronics and technology companies in the world, planned to acquire Sanyo, a well-known but struggling Japanese consumer electronics firm, by the end of March. But the U.S. Justice Department review has delayed this schedule until May or even August. With both companies' financial position deteriorating, the concern is that the delay may adversely impact the synergies that the transaction was expected to produce.