Panasonic to buy out Sanyo

Panasonic is planning to take 100 percent ownership of its subsidiaries Sanyo Electric and Panasonic Electric Works in a move costing up to $9.4 billion to strengthen green businesses such as electric cars and solar panels.

Japan’s biggest consumer electronics maker said in a statement Thursday it will buy shares in the two companies through a public tender offer, aiming for a complete purchase by April 2011. Shares in the target companies soared while Panasonic tumbled.

Panasonic Corp. already owns 51 percent of Panasonic Electric Works Co., which has electric and housing operations, and owns 50.05 percent of Sanyo Electric Co., a money-losing unit with strong battery and solar panel businesses that Panasonic took over in December.

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