Panasonic buys Sanyo, making tech trade giant
Tuesday 22 December 2009
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
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