NEW YORK ( TheStreet) -- Panasonic ( PC) has completed the acquisition of a majority stake in smaller, ailing competitor Sanyo ( SANYY). The completion of the 50.2% stake in Sanyo has created one of the top providers of batteries for fuel efficient cars. Together, Panasonic and Sanyo's battery businesses generated ¥745.8 billion, or about $8.4 billion in sales last year. Panasonic purchased its stake in Sanyo for £2.8 billion or $4.6 billion, offering 131 yen or about $1.50 for each common Sanyo share bought, generating a significant profit for its three primary shareholders: Goldman Sachs ( GS), Daiwa Securitiesand Sumitomo Mitsui. Panasonic first announced its interest in pursuing Sanyo 13 months ago, mostly enticed by Sanyo's hybrid car battery operations, say analysts, a strong suit for both companies. Currently Panasonic and Toyota ( TM) are joint venture partners in making hybrid car batteries for Toyota's Prius model, while Sanyo makes hybrid car batteries for Honda ( HMC), Ford ( F) and Peugeot Citroen.
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