Panasonic moves ahead with purchase of Sanyo
updated 01:10 pm EST, Thu December 10, 2009
Panasonic buys majority stake in Sanyo for $4.6B
Panasonic on Thursday said it will take majority stake of Sanyo, in a deal first announced back at the start of November. The deal is worth $4.6 billion and will see Panasonic own 50.2 percent of all Sanyo shares. Once complete, the company will be one of the largest electronics manufacturers worldwide.
Once the deal is complete, Panasonic, the world's biggest plasma TV maker, will be able to share Sanyo's experience in solar panels and rechargeable batteries.
Panasonic wanted to take a greater stake, but Sanyo's shareholders were reluctant to sell more than a minimum controlling stake in the company, likely due to the offered priced being lower than market level.
The delay in the deal came as Panasonic waited for approval from antitrust regulators in the US, China and the European Union. According to Panasonic, the deal will be completed on December 16th. [via New York Times]
