Panasonic, the world’s largest plasma TV manufacturer, has announced that it has started the proceeds to take over majority share in Sanyo. Sanyo, the world’s leading rechargeable battery producer, is expected to become Panasonic’s subordinate by the mid of December this year.

Sumitomo Mitsui Banking, Goldman Sachs and Daiwa Securities – the three large shareholders of Sanyo, also the three banks who bailed Sanyo out in 2006, have decided to sell 3.07 billion shares for 402 billion yen together to the Japanese electronics group Panasonic.

Sanyo, which has been facing downsizing problems in recent years and an accounting scandal that it had falsified earnings to top it off, is also selling a portion of its nickel – hydride battery businesses to Fujitsu Ltd.’s unit, FDK Corp.

With the takeover of Sanyo, Panasonic hopes that it becomes a key player in the business of hybrid cars which has been growing at a tremendous speed in the market. It is a notable fact that Panasonic started the bid at 131 yen per share and it did not waver even though Sanyo had a huge potential for growth in rechargeable batteries and solar cells, which will undoubtedly strengthen Panasonic’s venture.