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It took a little longer than we'd heard due to some last-minute complications, but Panasonic's deal to buy almost all of Sanyo has finally been approved by Sanyo's major shareholders. Under the deal, Panny will buy out some 70 percent of Sanyo for ¥131 ($1.50) a share, making the total deal worth some ¥560B ($6.41B). That'd be lot of scratch even if the economy wasn't in the tank, but Panny thinks it'll be worth it to take over Sanyo's position in the solar and rechargeable battery markets, which it thinks are due to blow up. Er, not blow up like that -- in the fun-filled raining-cash way. You get the idea. Xactis for everyone!Filed under: Misc. Gadgets
Panasonic to officially purchase controlling stake in Sanyo for $6.4B originally appeared on Engadget on Wed, 17 Dec 2008 23:27:00 EST. Please see our terms for use of feeds.
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