Panasonic to buy shares of Sanyo, PEW

BEIJING, July 29 (Xinhuanet) -- Panasonic Corp. may offer 10 billion U.S. dollars to buy the shares it doesn't own in Sanyo Electric Co and Panasonic Electric Works Co Ltd, Reuters reported on Thursday, citing sources familiar with the matter.

The move is aimed at strengthening the Japanese electronics maker's grip on the two subsidiaries.

It is reported Panasonic plans to conduct a tender offer or stock swap for the remaining shares.

Panasonic said it would make an announcement as soon as a decision is reached, according to Reuters report.

Panasonic bought a 50 percent stake in Sanyo in December for about 4 billion dollars and it owned 51 percent of Panasonic Electric Works, which makes housing materials and lighting equipment.

Panasonic plans to sell off or shut Sanyo’s unprofitable businesses such as home appliances to focus on rechargeable batteries and solar panels, according to the report.

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