(PC) Panasonic Begins Tender for Sanyo Electric Co

Panasonic Corp. (PC) provided another update on the acquisition of SANYO Electric Co Ltd. (SANYY) at its Board Meeting held on Nov 4, 2009. The company announced the start of its tender offer to acquire 3.1 billion shares of SANYO (or more than 50% of the company’s total shares) for approximately $4.4 billion (403 billion yen). Earlier, Panasonic had planned to take over all of Sanyo’s shares. Panasonic had entered into a capital and business alliance agreement with SANYO in Dec 2008. The latter is a leading company in the rechargeable battery business focused on lithium-ion rechargeable batteries. Panasonic is one of the leading manufacturers of electronic and electrical products, systems and components. The tender offer is planned for Nov 5 through Dec 7 at a price of $1.4 or