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The boards of Panasonic and Sanyo signed off on a capital and business alliance through which Panasonic will acquire controlling interest in Sanyo from major shareholders around US$9 billion to become one the world’s largest electronics manufacturers.
Panasonic said it will aim to acquire the majority of the voting rights of Sanyo assuming full dilution (which takes into account conversion of Class A preferred stock and Class B preferred stock into common stock), by means of a public tender offer bid.
In a joint statement, the companies said they will implement organizational restructurings across both companies after the transaction is completed in February 2009.
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