Panasonic kicks off Sanyo tender

TOKYO: Panasonic Corp said yesterday it has begun a tender offer to take over smaller rival Sanyo Electric Co for an estimated 402 billion yen ($4.4 billion), moving closer to create one of the world's biggest electronics makers.

Panasonic, the world's biggest plasma TV maker, is expected to purchase more than 50 percent of Sanyo shares, hoping to take advantage of the smaller rival's green businesses in solar panels and rechargeable batteries.

Panasonic spokesman Akira Kadota said the tender offer is planned for Nov 5 through Dec 7 at the price of 131 yen ($1.4) per share.