The deal has been in the making for months now, but yesterday Panasonic finally announced a tender offer for Sanyo Electric, paving the way to convert Sanyo into a wholly owned subsidiary as early as the middle of next month.
The tender offer is being supported by Sanyo’s board, and the company’s three main shareholders (all of them are in the finance sector) have agreed to sell their shares to Panasonic. The shares from the companies account for 50.13% of all Sanyo shares.
Both the Sanyo brand and the company’s listing at the Tokyo Stock Exchange remain untouched however. Panasonic says the primary goal of the acquisition was to boost the company’s position in the field of green energy, i.e. by tapping Sanyo’s expertise in batteries and solar panels. One of Sanyo’s biggest hits in the past few years has been their eneloop series of rechargeable batteries and related products.
The new giant will rival Japan’s biggest electronics company, Hitachi, in terms of sales.