Panasonic today announced it would acquire a majority ownership of Sanyo after revealing interest in the company last December. In the $4.6 billion deal, Panasonic will buy more than three billion shares from Sanyo's top three investors -- Goldman Sachs, Daiwa Securities SMBC, and Sumitomo Mitsui Banking -- to gain a 50.2% stake.
Panasonic plans to turn Sanyo into a subsidiary, creating one of the world's largest electronics manufacturers. The agreement gives Panasonic control of various Sanyo products, including rechargeable batteries and solar panels -- both valuable with a mounting interest in "green" technologies.
Panasonic reportedly wanted a larger stake, but the New York Times noted that other shareholders were likely displeased with the offer price. The deal was on hold for several months pending approval from anti-monopoly authorities in the US, China, and EU, but will close on December 16.