Sanyo to Become Panasonic Wholly Owned Subsidiary
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.
The share exchange is intended to complete the process of Panasonic owing all of Sanyo, the statement said. According to the statement, the share exchange is scheduled for after the share-exchange agreement is approved by Sanyo shareholders on a meeting scheduled for March 4. The share exchange is scheduled to be effective on April 1.
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.