Panasonic Corp will make 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 US 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.