Panasonic To Buy Out Sanyo, Electric Unit For $9B

Law360, New York (July 29, 2010, 5:29 PM EDT) -- Less than a year after finalizing its acquisition of a 50 percent stake in Sanyo Electric Co. Ltd. for 403.8 billion yen ($4.6 billion), Japan's Panasonic Corp. has announced plans to buy out Sanyo and another subsidiary, Panasonic Electric Works, for a total of 818.4 billion yen ($9.4 billion).

In a statement Thursday, Panasonic said it would use the estimated 500 billion yen ($5.7 billion) raised from a new share issue to bolster its finances and fund a move toward more environmentally friendly businesses.

Panasonic said...
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