There were some hiccups along the way but now the deal between Panaosonic and Sanyo (announced on November 3) seems to be perfect. Goldman Sachs and Sanyo’s other major shareholders have agreed to sell their shares to Panasonic, Japanese media are reporting today.
Panasonic will acquire a 70% stake in Sanyo for $1.50 a share in February, resulting in a $6.4 billion deal, the largest of its kind in Nippon’s tech industry. The deal was on hold for a few weeks because Goldman Sachs refused to sell their Sanyo shares (29% of all shares) to Panasonic for $1.37 apiece.
Panasonic sees Sanyo’s market power in solar energy and rechargeable batteries (Eneloop) as particularly valuable. The buy-out will create Japan’s biggest electronics company, edging Hitachi.