Panasonic Corp. (6752.T) said Thursday it will spend 403.78 billion yen (US$4.6 billion) to buy a controlling share of Sanyo Electric Co. Ltd. (6764.T), according to an Associated Press story.
The two companies announced their intentions to form the largest Japanese electronics company in December 2008.
Panasonic, which has stated its desire to move into cleantech, will gain Sanyo’s solar and battering manufacturing experience.
The sale price is based on 131 yen per Sanyo Share.
Sanyo’s three major shareholders, Goldman Sachs (NYSE: GS), Daiwa Securities SMBC (DSE.DE) and Sumitomo Mitsui Banking Corp., reportedly help put the deal together.
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