Panasonic to buy Sanyo in $9 billion deal

Posted: December 19, 2008 in Tech

Panasonic Corp. said 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 9 billion dollars). 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.

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