Panasonic Corp., Japanese electronics giant, announced on Thursday that it acquired a controlling stake in rival Sanyo Electric Co., in a move that will strengthen its position in the market.
Panasonic, the biggest supplier of batteries for fuel-efficient cars, said it bought 50.2 per cent stake in Sanyo Electric Co. for 403.8 billion yen (equivalent to $4.6 billion).
Osaka-based Panasonic paid 131 yen for each common Sanyo share.
The acquisition will allow Panasonic to offer a wider lineup of hybrid car-batteries.
Panasonic runs a joint venture with Toyota to produce hybrid car-batteries for the auto giant.
Sanyo, which also produces solar panels, supplies hybrid car-batteries to Ford Motor, PSA Peugeot Citroen and Honda Motor.
Shares in Panasonic slipped 1.9 per cent to 1,226 yen, while Sanyo shares gained 10.7 per cent to close at 176 yen on Wednesday.
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