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article imagePanasonic purchases 50.2% stake in Sanyo for $4.6 billion

By Gordon K. Chan     Dec 10, 2009 in Business
It has been announced that Panasonic has majority ownership over electronics rival Sanyo. Panasonic, one of the largest electronics corporations, now designates the Japanese firm as a subsidiary.
Panasonic now becomes the parent company of Sanyo, a deal which involved 403.3 bn Yen ($4.6 bn USD) and 3,082 million shares. It was a deal that is aimed to strengthen and increase the electronic maker's market share of hybrid car batteries. It is reported on BBC that Panasonic, having already positioned itself as a significant player in the hybrid battery market by manufacturing the product for the Toyota Prius, was keen on profiting from Sanyo's battery production for Honda, Peugeot-Citroen and Ford.
Sanyo has fallen on hard times recently, most recently losing 37 billion yen in its April-September quarter.
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