Panasonic purchases 50.2% stake in Sanyo for $4.6 billion
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.
London: Piccadilly Circus.
Arpingstone
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.
