Panasonic buys Sanyo, making tech trade giant

Panasonic says it has taken majority control of Sanyo, officially forming one of the world's largest electronics makers.

Panasonic said t had converted preferred shares to give it a 50.27 per cent stake in Sanyo. It acquired the shares in a previously announced US$4.6 billion tender offer that ended 9 December.

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 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.

Source: New Zealand Herald