Panasonic buys $9.4b in Sanyo, Panasonic EW shares
updated 12:15 pm EDT, Thu July 29, 2010
by MacNN Staff
Panasonic buying remaining Sanyo, PEW shares
Panasonic on Thursday announced its offer of $9.37 billion to buy outstanding shares of Sanyo and Panasonic Electric Works. The electronics giant already owns 50.5 percent of Sanyo and 51 percent of PEW, and the acquisition would help the company become more environmentally friendly. Panasonic specifically singled out rechargeable batteries, solar cells and components for electric vehicles.
To finance the deals, Panasonic filed a shelf registration for up $5.75 billion in shares, along with considering any external financing that will be based on the actual purchase amount. The tender offer for Sanyo and PEW will occur between August 23 and October 6, with $1.59 offered for each Sanyo share and $12.77 for a single piece of PEW stock.
Once the acquisitions are finished, Panasonic said it plans to "realize speedy and lean management."