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OSAKA (Kyodo) Sanyo Electric Co. was given the go-ahead by its shareholders Friday for an equity swap deal to turn the company into a wholly owned subsidiary of Panasonic Corp., Sanyo officials said.

Sanyo, along with Panasonic Electric Works Co., will become the Osaka-based electronics giant’s wholly owned unit April 1 after its stock is delisted March 29.

At the meeting attended by about 2,200 people, some shareholders complained about the loss of the Sanyo brand and said they wanted the firm to survive as a leading company in the Osaka region.

Faced with shareholders’ criticisms, President Seiichiro Sano said, “We, the management, make it our responsibility to work to further develop Sanyo’s environmental and energy businesses as a member of the Panasonic group.”

Through last year’s tender offers, Panasonic acquired more than an 80 percent stake in Panasonic Electric and Sanyo in terms of voting rights, securing more than the two-thirds majorities needed to force a resolution calling for Panasonic to control the two companies.

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