TOKYO - JAPAN'S Panasonic Corp said on Friday it had cleared the way to acquire struggling Sanyo Electric Co for up to US$9 billion (S$13 billion) as major shareholders agreed to sell their holdings.

Panasonic said in a statement that it would launch a tender offer aiming to secure a 70.5 per cent stake in Sanyo, which has been slashing thousands of jobs as it tries to return to profit.

Panasonic said it had reached a deal to buy each share for 131 yen, valuing the deal at up to 800 billion yen (S$13 billion) overall, after investment group Goldman Sachs and others agreed to sell their holdings. -- AFP