Osaka, Japan [RenewableEnergyWorld.com] Panasonic Corporation and Sanyo Electric Co. Ltd. announced that they have entered into the Capital and Business Alliance Agreement. Under the agreement, Panasonic will acquire the majority of the voting rights of Sanyo assuming by means of a public tender offer bid. Panasonic and Sanyo will form a close alliance in business with the prospect of organizational restructurings of both companies.
Panasonic said that it will make the tender offer as soon as is practical, subject to, among other conditions, completion of the procedures and the measures that are necessary under domestic and overseas competition laws and regulations. It is expected to take a number of weeks time for the procedures of the regulatory authorities to be completed. The process is expected to be completed around the end of February next year, the progress up to that time will be disclosed.
By utilizing the business platform of Panasonic, the companies aim to respond to the demand for solar energy for which significant future growth is expected, by expanding Sanyo’s business in the area of highly efficient HIT (crystalline silicon) solar photovoltaic cells and modules and by accelerating the development and commercialization of next-generation solar cells and battery systems.