TOKYO: Japanese electronics manufacturer Panasonic has agreed a deal to take over its rival Sanyo according to press reports, buying a 70% stake in the latter, valued at ¥800 billion ($9.0bn; €6.2bn; £5.9bn). 

Panasonic reportedly bought the shares from Goldman Sachs and Daiwa Securities, which each held a 29% stake, as well as the 11.6% holding of the Sumitomo Mitsui Banking Corporation.

The electronics giant paid ¥131 per share, an increase of ¥11 on its original offer made last month, and up ¥1 on its most recent proposed price.

Full details of the deal have yet to be announced, but should the merger go ahead, the new company would be a major rival to Japan's biggest electronics manufacturer, Hitachi.

Data sourced from Wall Street Journal Online; additional content by WARC staff