Panasonic has started the takeover process of Sanyo. Panasonic has quoted that it has begun the taking over process of a majority stake in Sanyo. Panasonic, the world’s largest maker of Plasma TVs, has offered to buy more than half of the Sanyo shares. Sumitomo Mitsui Banking, Goldman Sachs and Daiwa Securities, 3 big shareholders of Sanyo are combinedly selling 3.07 billion shares to Panasonic.

Panasonic has proclaimed that by mid december this year, Sanyo would become its subsidiary. Sanyo’s green energy business areas such as batteries and solar panels have also drawn Panasonic’s interest. This deal is bound to make Panasonic a major player in the hybrid car batteries market. Rising material costs, a stronger yen, operational scandals, losses and job cuttings were the problems faced by Sanyo in the recent years that have resulted in this deal with Panasonic about an year back. Panasonic, global leader in Plasma TVs, is therefore, getting an image boost with this Sanyo takeover.