TOKYO, Oct 31 (Reuters) - Panasonic Corp will launch its tender offer for shares of smaller rival Sanyo Electric Co as early as Thursday, the Nikkei newspaper said, after the deal won approval from Chinese regulators.
Panasonic's 400 billion yen ($4.44 billion) plan to take control of Sanyo, the world's largest maker of rechargeable batteries, had been on hold pending regulatory approval.
European antitrust regulators cleared the deal in September and China followed on Friday, although Beijing stipulated that Panasonic must cut its stake in a joint battery venture with Toyota Motor Corp
Panasonic's bid has also won informal consent from U.S. regulators, the Nikkei said on Saturday, meaning that it has cleared all regulatory hurdles.
After the tender offer, Panasonic intends to make Sanyo a subsidiary by the end of this year, the Nikkei said.
No one was available for comment at Panasonic.
The deal would create a powerhouse in the fast-growing market for batteries for hybrid cars.
(Reporting by David Dolan, Editing by Dean Yates) ($1=90.08 Yen) Keywords: PANASONIC/SANYO (david.dolan@thomsonreuters.com; +81-3-6441-1805; Reuters Messaging: david.dolan.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Panasonic's 400 billion yen ($4.44 billion) plan to take control of Sanyo, the world's largest maker of rechargeable batteries, had been on hold pending regulatory approval.
European antitrust regulators cleared the deal in September and China followed on Friday, although Beijing stipulated that Panasonic must cut its stake in a joint battery venture with Toyota Motor Corp
Panasonic's bid has also won informal consent from U.S. regulators, the Nikkei said on Saturday, meaning that it has cleared all regulatory hurdles.
After the tender offer, Panasonic intends to make Sanyo a subsidiary by the end of this year, the Nikkei said.
No one was available for comment at Panasonic.
The deal would create a powerhouse in the fast-growing market for batteries for hybrid cars.
(Reporting by David Dolan, Editing by Dean Yates) ($1=90.08 Yen) Keywords: PANASONIC/SANYO (david.dolan@thomsonreuters.com; +81-3-6441-1805; Reuters Messaging: david.dolan.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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