Japan — On Wednesday this week, Panasonic announced its intentions to purchase remaining shares of Sanyo Electric Co and Panasonic Electric Works (PEW). Panasonic already had a 50% stake in Sanyo as of last year. Sanyo is a big player in the solar market and producer of lithium-ion batteries.
Today the companies announced that their respective boards of directors have accepted the offer and expect to complete the sale by April 2011.
If Panasonic purchases all of the shares of the Subsidiaries eligible to be purchased, the maximum aggregate purchase amount is expected to be 818.4 billion yen (US 9.4 billion).
Panasonic said that it hopes to be number 1 “green innovation company” and shift its focus to consumer products that reduce energy use such as solar panels and led lighting.