Business Sanyo passes under the wing of Panasonic

Japanese companies Pansonic and Sanyo announced that at today's meeting of its Board of Directors made a decision on signing an agreement to merge the businesses of both companies. And Pansonic company aims to acquire a majority of voting shares through public offers to shareholders absorbed by the company to buy their shares. The proposal relates to the purchase of all shares in Sanyo, including common and preferred shares of Class A and Class B. Panasonic offers to pay for each common share Sanyo 131 yen, and for each of the privileged - 1310 yen. Among the major shareholders of Sanyo includes three companies as Oceans Holdings Co., Ltd., Evolution Investments Co., Ltd. and Sumitomo Mitsui Banking Corporation, have already responded positively to the proposal Pansonic. The total number of shares in Sanyo, which belongs to the three giants (assuming conversion of preference shares into ordinary) of 4328993781 shares, or approximately 70.5% of all shares in companies.

It is estimated Pansonic, after conversion of preference shares, the total number of ordinary shares in Sanyo will be about 6142207315 shares in the amount 804629158265 yen, or translated into U.S. dollars - slightly more than 9 billion

The company Panasonic expects to receive from the new alliance to further expand its activities in the field of solar energy and batteries as well as strengthen its financial position and business in order to increase profit and stimulate the growth of production in the face of financial crisis and increasing global competition.