Sanyo Acquisition Complete

Panasonic Corp. announced Monday, Dec. 21, that it has taken majority control of Sanyo Electric Co., forming one of the world’s largest electronics manufacturers.

In a deal previously announced at $4.6 billion, Panasonic received preferred shares of Sanyo giving it a 50.27 percent ownership stake in the company.

Ownership of Sanyo will give Panasonic access to advanced solar panel and rechargeable battery technology, but Panasonic officials also will have to find a way to bring profitability back to Sanyo, which recorded a net loss of 30.6 billion yen ($338 million) between April and September 2009.

The Sanyo brand name will stay in place, and the company will keep its shares listed on the Tokyo Stock Exchange.

Panasonic wanted a bigger share and controlling interest in Sanyo, but settled for a minimum controlling stake with some shareholders unwilling to sell at a tender offer that was lower than the market price. The deal was delayed for months while both companies waited for clearance from worldwide anti-monopoly authorities.

News of the completed sale on Monday boosted Sanyo shares by 2.4 percent to 174 yen, while Panasonic fell 0.3 percent to 1,281 yen.

About the Author

Ralph C. Jensen is the Publisher/Editor in chief of Security Today magazine.

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