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Page last updated at 07:50 GMT, Thursday, 5 November 2009
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Panasonic begins Sanyo takeover



Panasonic and Sanyo signs Panasonic is less dependent on exports to the US than Sanyo

Japanese electronics group Panasonic says it has begun the process to take over a majority stake in smaller rival Sanyo for 402bn yen ($4.4bn; £2.7bn).

Panasonic, the world's biggest plasma TV maker, has made an offer to buy more than half of Sanyo's shares.

Sanyo's three big shareholders - Daiwa Securities, Goldman Sachs and Sumitomo Mitsui Banking - are to sell a combined 3.07 billion shares to Panasonic.

Panasonic said Sanyo was expected to become its subsidiary by mid-December.

Panasonic is interested in Sanyo's green energy businesses, such as solar panels and batteries.

The deal comes a year after the pair first announced a potential takeover, and is set to make Panasonic a major player in the fast-growing market for hybrid car batteries.

Sanyo has been facing problems in recent years, cutting thousands of jobs and selling unprofitable operations.

Recently it has been hit by a stronger yen and rising material costs.

It was also forced to change its top management after an accounting scandal about falsifying past earnings and reporting a profit when it had actually made a loss.



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SEE ALSO Panasonic set to buy rival Sanyo
19 Dec 08 |  Business Panasonic aims to take over Sanyo
07 Nov 08 |  Business
RELATED INTERNET LINKS (External) Sanyo (External) Panasonic The BBC is not responsible for the content of external internet sites
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