Panasonic Gets Majority Stake in Sanyo - TheStreet

TOKYO (

TheStreet

) --

Panasonic

(PC)

completed the acquisition of 50.2% of

Sanyo Electric

to form one of the largest electronics companies in the world.

Panasonic, the world's No. 1 plasma TV maker, will buy the majority stake in Sanyo for 403.78 billion yen ($4.57 billion). Its tender offer for the Sanyo shares began on Nov. 5. Panasonic paid 131 yen a Sanyo share.

Goldman Sachs

(GS) - Get Report

,

Daiwa Securities SMBC

and

Sumitomo Mitsui Banking

, Sanyo's three largest shareholders, agreed to sell more than 3 billion Sanyo shares to Panasonic. The three firms together own about 70% of Sanyo's total outstanding shares.

Sanyo is the world's largest rechargeable battery maker. It also makes solar cells.

The tender offer was delayed by several months while Panasonic awaited clearance from anti-monopoly authorities in the U.S., China and the European Union before proceeding with the the takeover.

The talks for a

Panasonic and Sanyo merger

began more than a year ago.

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-- Reported by Joseph Woelfel in New York.

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