Panasonic to launch tender offer for Sanyo on Nov 5 - News

Runway Angels
The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Show.
Smartphone Guide
Here's a need-to-know guide to nine devices, based on features, price, network and platform.
Wines for the Holidays
Not quite sure what wine to pair with Turkey or Creme Brulee? Our experts do.

FEATURED QUIZZES

How Well Do You Know Your Bird?
Let's talk turkey. Test your turkey knowledge and perhaps pick up a bit of trivia to trot out at your holiday meal.
A Healthier & Wealthier You
Take the following quiz and find out how much you know about the impact of obesity on the health of the U.S. economy.
The Billionaire BFF's
Philanthropists. Bridge partners. Hockey players. Which responses are based on facts from Buffett's and Gates' real lives?

SPECIAL REPORTS

Winterizing Your Portfolio
If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.
Investor's Guide to Real Estate
Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.
Alternative Investing
Stocks and bonds? Sure. But it's a big world out there for investors.

CNBC ON DIGG

Panasonic to launch tender offer for Sanyo on Nov 5

By: AFX | 04 Nov 2009 | 01:55 AM ET

Text Size

TOKYO, Nov 4 (Reuters) - Japan's Panasonic Corp said it would launch a tender offer for shares in Sanyo Electric Co on Thursday, moving closer to becoming a powerhouse in hybrid car batteries and other green-energy businesses through the bid worth at least 402.3 billion yen ($4.45 billion). Panasonic said it would offer 131 yen per Sanyo share and aim for a majority stake in the world's largest rechargeable battery maker, reiterating its announcements late last year when the company first made public its intention of taking over Sanyo. The offer price is down sharply from Sanyo's closing price on Wednesday of 216 yen. But all three of Sanyo's top shareholders -- Goldman Sachs , Daiwa Securities SMBC and Sumitomo Mitsui Banking Corp, which bought Sanyo shares at a lower price -- have agreed to sell part of their stake into the tender, ensuring that Panasonic would acquire more than half of Sanyo. (Reporting by Kiyoshi Takenaka) ((kiyoshi.takenaka@thomsonreuters.com; +81 3 6441 1810; Reuters Messaging: kiyoshi.takenaka.reuters.com@reuters.net)) ($1=90.33 Yen) Keywords: SANYO/PANASONIC (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

Tools: