Panasonic controls 50.27% of Sanyo
Source: Agencies |
December 22, 2009, Tuesday
|
Print Edition
Print Edition
PANASONIC Corp yesterday said it had taken majority control of Sanyo Electric Co, officially forming one of the world's largest electronics makers.
Panasonic said it had converted preferred shares to give it a 50.27-percent stake in Sanyo. It acquired the shares in a previously announced US$4.6 billion tender offer that ended on December 9.
The acquisition gives Panasonic access to Sanyo's advanced solar panel and rechargeable battery technology. But Panasonic must also find a way to bring profitability back to Sanyo, which had a net loss of 30.6 billion yen (US$338 million) in the April-September half.
Panasonic has said it will retain the well-known Sanyo brand and keep its shares listed on the Tokyo Stock Exchange.
Panasonic had reportedly hoped to take a larger stake in Sanyo, but the firm had to settle with a minimum controlling stake, with some shareholders unwilling to sell at a tender offer that was lower than the market price.
Panasonic said it had converted preferred shares to give it a 50.27-percent stake in Sanyo. It acquired the shares in a previously announced US$4.6 billion tender offer that ended on December 9.
The acquisition gives Panasonic access to Sanyo's advanced solar panel and rechargeable battery technology. But Panasonic must also find a way to bring profitability back to Sanyo, which had a net loss of 30.6 billion yen (US$338 million) in the April-September half.
Panasonic has said it will retain the well-known Sanyo brand and keep its shares listed on the Tokyo Stock Exchange.
Panasonic had reportedly hoped to take a larger stake in Sanyo, but the firm had to settle with a minimum controlling stake, with some shareholders unwilling to sell at a tender offer that was lower than the market price.
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