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Panasonic to spend at least $4.5 billion to buy Sanyo

Japan's Panasonic Corp said on Friday it would spend at least $4.5 billion to take control of smaller rival Sanyo Electric Co Ltd.

Panasonic, formerly known as Matsushita Electric, said it would offer ¥131 per Sanyo's common share, a 4% discount to Friday's closing price, with the goal of acquiring the majority stake in Sanyo. (Reuters)