Panasonic Takes Control Of Sanyo For $4.6 bn

Panasonic Corp. announced that it will buy a majority stake in Sanyo Electric Co. for about $4.6 billion. It hopes to secure its position as a leading provider of batteries for fuel-efficient automobiles by taking control of Sanyo's battery operations, according to Nikkei. In a statement, the Osaka-based consumer electronics giant said it will acquire 50.19% of Sanyo for Y403.78 billion after a tender offer. The offer, which had been in the pipeline for nearly a year, expired Dec. 9 and is set to be settled Dec. 16.