Panasonic Corporation (NYSE:PC) has closed on an offer for Sanyo Electric yesterday. Panasonic bought about 50.19% of Sanyo in a deal worth ¥403.8 billion ($4.6 billion). Sanyo’s top three shareholders agreed to sell their stake as part of the transaction.
Sanyo is in a joint venture with Honda for hybrid car batteries. The transaction makes Panasonic a dominant player in hybrid car batteries as well.