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.