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Panasonic Nears Full Purchase Of Sanyo

10/11/2010 02:49:35 PM Eastern

Osaka, Japan - Panasonic
last week made tender offers that increased its stakes in two key subsidiaries,
both of which offer strategically important technologies for Panasonic's
recently announced Green Plan 2018 goals.

Panasonic said it raised its stake in Sanyo Electric to more than
80 percent from 50 percent and would use a stock swap to take full ownership of
the company by the end of March.

Panasonic Corp. also completed a tender offer for Panasonic
Electric, which raised the stake from 51 to nearly 84 percent. That position
will grow to 100 percent after Panasonic Corp. offers stock to remaining
Panasonic Electric shareholders. The company specializes in the lighting, electric
and housing operations.

To complete the deals, Panasonic Corp. is spending up to $9.8 billion.

Last December, Panasonic spent $4.6 billion to become a majority
shareholder in Sanyo Electric, and then launched a tender offer for the
remaining shares that ran from Aug 23. through Oct. 6.

Among the assets Panasonic Corp. gains in the Sanyo deal is lithium-ion
battery technology, which is used for both electronic devices and new classes
of electric-powered cars.

Panasonic adds Sanyo's technologies, which were said to be
substantial, to similar technologies it previously had in development.

 

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