Panasonic buys over 50% of Sanyo Electric

Panasonic will take majority control of Sanyo Electric in a $4.6 billion deal, forging one of the biggest electronics makers in the world with an edge in green technologies. Panasonic said it will buy 50.2% of Sanyo for $4.6 billion after closing its five-week tender offer that began on November 5.

With the purchase, Panasonic can draw upon Sanyo’s expertise in solar panels and rechargeable batteries, bolstering its resources in the race to develop environmental technologies. Sanyo’s three major shareholders – Goldman Sachs, Daiwa Securities SMBC and Sumitomo Mitsui Banking – helped propel the deal after agreeing to sell at least a combined 3.07 billion shares to Panasonic.

Source: The Times.

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