Panasonic has acquired 50.19 per cent of Sanyo Electric Co, the world’s largest maker of lithium-ion batteries, for around $4.6 billion.
According to the Wall Street Journal, Panasonic purchased 3,082 million shares for 403.78 billion yen after a tender offer, which had been on the table for nearly a year, expired on 9 December.
The deal appears to be an attempt by Panasonic to bolster other areas of its business as sales of its plasma TVs slow down.
The firm estimates that the lithium-ion battery market worldwide will increase fivefold by 2018.
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