completed the acquisition of 50.2% of
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.
Daiwa Securities SMBC
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
began more than a year ago.
-- Reported by Joseph Woelfel in New York.
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