In order to completely take over, Panasonic must buyout the 3 largest shareholders. Goldman Sachs, owner of a 29 percent stake, exited merger talks after seeking at least ¥250 per share. Both other firms, Daiwa Securites and Sumitomo Mitsui Banking, who hold a combined 40.6 percent stake are expected to take Panasonic up on the offer. Both companies were informed about the better deal and Goldman Sachs will be informed on Thursday.
Panasonic intends to conduct the offer next month and make Sanyo a subsidiary by March. Purchasing Sanyo will make it more competitive in the rechargeable battery and solar equipment fields.