Panasonic nabs 50.2pc of Sanyo for $4.6b
Friday, 11 December 2009
TOKYO, Dec 10 (Reuters): Japan's Panasonic Corp said it acquired 50.2 per cent of Sanyo Electric Co Ltd, the world's largest rechargeable battery maker, for 403.8 billion yen ($4.6 billion), as shares of Sanyo jumped the most in six months on the completion of the deal.
The bid had been widely expected to hand Panasonic a majority stake as Sanyo's top three shareholders agreed to sell part of their shareholdings into the tender for a premium to ensure that Panasonic obtained more than half of Sanyo.
Panasonic paid 131 yen for each common share, handing a hefty profit to Goldman Sachs, Daiwa Securities SMBC and Sumitomo Mitsui Banking Corp, which bought preferred shares priced at 700 yen and convertible to 10 common shares each in 2006.
Daiwa Securities SMBC is a joint venture between Daiwa Securities Group Inc and Sumitomo Mitsui Financial Group (SMFG), while Sumitomo Mitsui Banking is Sanyo's main bank and part of SMFG.
Customers for Sanyo's hybrid car batteries include Honda Motor Co Ltd, Ford Motor Co and PSA Peugeot Citroen, while Panasonic runs a joint venture with Toyota Motor Corp to develop and make hybrid and electric car batteries.
The bid had been widely expected to hand Panasonic a majority stake as Sanyo's top three shareholders agreed to sell part of their shareholdings into the tender for a premium to ensure that Panasonic obtained more than half of Sanyo.
Panasonic paid 131 yen for each common share, handing a hefty profit to Goldman Sachs, Daiwa Securities SMBC and Sumitomo Mitsui Banking Corp, which bought preferred shares priced at 700 yen and convertible to 10 common shares each in 2006.
Daiwa Securities SMBC is a joint venture between Daiwa Securities Group Inc and Sumitomo Mitsui Financial Group (SMFG), while Sumitomo Mitsui Banking is Sanyo's main bank and part of SMFG.
Customers for Sanyo's hybrid car batteries include Honda Motor Co Ltd, Ford Motor Co and PSA Peugeot Citroen, while Panasonic runs a joint venture with Toyota Motor Corp to develop and make hybrid and electric car batteries.