OSAKA (Kyodo) Panasonic Electric Works Co. said Wednesday its shareholders approved an equity swap deal to turn the company into Panasonic Corp.’s wholly owned subsidiary.
Also due to become Panasonic’s wholly owned unit is Sanyo Electric Co., whose shareholders are expected to give the go-ahead for the plan when they meet Friday.
The two companies will come under the control of Panasonic on April 1 after their stocks are delisted from stock exchanges on March 29.
Through last year’s tender offers, Panasonic acquired stakes of more than 80 percent in Panasonic Electric and Sanyo in terms of voting rights, securing more than the two-thirds majorities needed to pass a special resolution to turn the two companies into wholly owned units.
Other shareholders of the two companies will be asked to swap their holdings into Panasonic stock.
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