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Panasonic to buy Sanyo for at least $4.5 billion

Posted on Tuesday, December 23 2008 @ 04:00:02 CET by

Reuters writes Panasonic will spend at least $4.5 billion on the acquisition of Sanyo:
Panasonic Corp said on Friday it would spend at least $4.5 billion to take control of smaller rival Sanyo Electric Co Ltd, creating Japan's second-largest electronics maker behind Hitachi Ltd.

Panasonic, the world's No.1 plasma TV maker, said it would offer 131 yen per Sanyo common share, a 4 percent discount to Friday's closing price, with the goal of acquiring a majority stake in Sanyo, a top producer of rechargeable batteries.

Major shareholder Goldman Sachs said it would tender its Sanyo stake to Panasonic.

The decision by Goldman, which had rejected Panasonic's earlier lower offers, came after the Wall Street firm reported its first quarterly loss since going public.



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