Sanyo to Become Panasonic Wholly Owned Subsidiary
December 22, 2010,
OSAKA, Japan--Panasonic will convert Sanyo into a wholly owned subsidiary through a share exchange that is scheduled for March.
Panasonic, which acquired the majority of Sanyo's voting stock in December 2009, conducted a tender offer for all of Sanyo's shares from Aug. 23 to Oct. 6 of this year. As of two days ago, Panasonic said in a statement that it owned 80.77 percent of Sanyo's shares.
As explained in the statement, making Sanyo a wholly owned Panasonic subsidiary is expected to strengthen the company's management culture geared toward increasing profits and enhancing its competitiveness in its product categories.