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Panasonic is set to take control of Sanyo in a move that will see the Japanese Company become a major player in the solar and eco energy markets.
The deal which will cost around $9 billion will elevate Panasonic in the position of being the world’s #1 electronics Company.
According to TWICE magazine Panasonic will take control of about 70.5 per cent of Sanyo’s shares after U.S. investment bank Goldman Sachs, which is one of Sanyo’s major shareholders, caved in and accepted Panasonics offer.
Nobody knows why Goldman suddenly gave up trying to negotiate a bigger payout from a Panasonic-Sanyo deal however it is estimated that they are set to walk away with almost double the $1.4 billion investment it made three years ago buying into a struggling Sanyo.
BusinessWeek claims that Goldman probably realized that a nasty and protracted fight wouldn’t do it much good. For one thing, Sanyo would have a lot harder time boosting profits during a global recession, which meant that Goldman’s stake in Sanyo wasn’t about to skyrocket in value.
that the companies sought to increase operating profit by 80 billion yen in the 2012 financial year through the tie-up.
Two other major Sanyo shareholders, Sumitomo Mitsui Banking and Daiwa Securities SMBC, had previously agreed to the deal.
Panasonic is expected to buy the Sanyo shares for 131 yen ($1.49) through a tender offer in February.
In a joint statement, the companies said they will implement organizational restructurings across both companies after the transaction is completed.
In disclosing its interest in Sanyo, Panasonic said Sanyo “has been seeking to become a leading company for energy and environment,” and that both companies recognise that “existing strategies must not only be accelerated, but also that drastic action is now required for further strengthening initiatives to achieve potential revenue and profit growth in the global economic recession stemming from the financial crisis as well as in the midst of intensified global competition.”
The primary synergies cited were: the development of solar-power technologies.
“Utilising the business platform of Panasonic, the companies aim to respond to the demand for solar batteries for which significant future growth is expected, through further expanding business in the area of highly efficient HIT (crystalline silicon) solar photovoltaic cells and modules (batteries) and acceleration of development and commercialization of next-generation solar cells,” the companies said.
Significant increases in sales are expected in the field using Panasonic’s global sales platforms, the companies said.
