Goldman Sachs Group Inc. agreed to sell its stake in Sanyo Electric Co. to Panasonic Corp., ending weeks of resistance after accepting an increase of less than 1 percent, two sources said.
Panasonic, the world's largest maker of consumer electronics, will pay Goldman Sachs ¥233.9 billion, or ¥131 a share, ¥1 more than the offer rejected by the New York-based bank on Dec. 4, the sources said, declining to be identified before a public announcement. Osaka-based Panasonic plans to hold a press conference Friday to announce details of the deal, they said.
The agreement, valuing Sanyo at ¥806.7 billion, paves the way for the largest acquisition in Japan's consumer electronics industry and would make Panasonic the world's biggest maker of rechargeable batteries. Goldman Sachs, which reported its first quarterly loss this week, has been forced to convert into a bank holding company, cut jobs and accept a $10 billion bailout from the U.S. government.