Panasonic finalize 70.5 pct acquisition of Sanyo
19/12/2008 16:39
Panasonic Corp said today it has finalized a deal to acquire around a 70.5
percent stake in smaller rival Sanyo Electric Co after major shareholders,
including investment group Goldman Sachs, agreed to sell their shares.
The
purchase of each share will be 131 yen, making the total deal at up to 800
billion yen (about US$9 billion), Panasonic said in a statement today.
The
deal will create Japan's largest electrical machinery maker. Panasonic said it
will turn Sanyo into a subsidiary through a tender offer and report on its
progress at the end of next February.
Xinhua
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