Asia Express - East Asian ICT
Sanyo to Become Panasonic's Wholly-owned Subsidiary Soon
November 06, 2009
Following Chinese and European antitrust authorities' conditional approvals for the Panasonic-Sanyo deal, Japanese Panasonic recently announced that it has begun a process to take over more than 50% shares in Sanyo, according to a press release by Panasonic on November 4. The deal valued at 402.3 billion Yen (US$4.47 billion; US$1= 89.9 Yen) is slated for completion between November 5 and December 7, 2009. Should the deal be completed as scheduled, Sanyo will become a wholly-owned subsidiary of Panasonic. Through the deal, Panasonic and Sanyo aim to consolidate their proprietary technologies in the field of green energy, including rechargeable battery and solar businesses, according to the same source.