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Panasonic Corp., though dogged by repeated delays, finally announced Thursday it acquired a 50.19 percent stake in smaller Sanyo Electric Co. for ¥403.78 billion as it makes headway in its transition into a green consumer electronics giant that can remain globally competitive in the decades ahead.

The rise of the solar and battery behemoth will pose a key litmus test for Japan’s struggling electronics industry as its traditional gadgets and appliances lose their spark on steep price declines driven by overseas rivals.

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