Panasonic said Thursday it will buy a majority stake in Sanyo Electric Co. for about $4.6 billion, in a move to secure its position as a leading provider of batteries for fuel-efficient cars.

In a statement, the Osaka-based consumer electronics giant said it will acquire 50.19% of Sanyo for ¥403.78 billion (about $4.6 billion) after a tender offer commenced on November 5, 2009. The tender Offer expired on December 9, 2009.

Panasonic and Sanyo believe that, through this alliance, a strong collaboration between both companies will be established in a wide range of business fields.

These include solar batteries, rechargeable battery business focused on lithium-ion rechargeable batteries and new investments in batteries for HEV (Hybrid Electric Vehicle) and EV (Electric Vehicle).

By Sanyo becoming a member of the Panasonic Group, reductions in company-wide procurement costs in areas such as materials purchasing or reductions in logistics-related costs are expected in Sanyo.

Panasonic's move has been a work in progress for over a year as Panasonic has struggled to resolve negotiations with the three banks, including Goldman Sachs, who currently own Sanyo.