Last month, Panasonic Corp. said it wanted to acquire Sanyo Electric Co. - a move that would create one of the world's biggest electronics companies.
Sanyo also expressed interest in getting acquired by Panasonic.
Panasonic had been negotiating with Sanyo's top three shareholders, Goldman Sachs, Daiwa Securities SMBC and Sumitomo Mitsui Banking Corp., which had put up some resistance to selling their stakes.
Panasonic said in a joint statement with Sanyo Friday that it will start the tender offer no later than February.
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