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Panasonic to acquire stake in Sanyo
11 December 2009: Panasonic Corporation is likely to acquire majority control of Sanyo Electric Company in a $4.6 billion (approx Rs 21,390 crore) deal.
Panasonic is likely to buy 50.2 per cent of Sanyo for Yen 403.78 billion ($4.6 billion) after closing its five-week tender offer that began on 5 November 2009.
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 Corp — helped propel the deal after agreeing to sell at least a combined 3.07 billion shares to Panasonic at that per-share price. The three shareholders together control about 70 per cent of Sanyo’s total outstanding shares.
Source: Hindu