Tokyo  - Japanese electronics giant Panasonic Corp has secured the takeover of competitor Sanyo Electric Co with deals to buy stakes in the smaller firm held by the US investment bank Goldman Sachs and two Japanese investment firms, the financial newspaper Nikkei reported Thursday.

Sanyo's management threw its support last month behind the takeover, which would create one of the world's largest consumer electronics companies.

Goldman Sachs had originally refused Panasonic's 130-yen-per-share (1.47-dollar-per-share) offer as too low, but Panasonic president Fumio Ohtsubo reached an agreement with Goldman Sachs late Wednesday, the newspaper said.

Sumitomo Mitsui Banking Co and Daiwa Securities SMBC Co, Sanyo's two other major shareholders, already agreed to the deal.

Panasonic was expected to buy the Sanyo shares for 131 yen (1.49 dollars) via a tender offer in February, valuing Sanyo at 560 billion yen, the paper said.

Thursday's news, when confirmed by Panasonic and the Sanyo stakeholders, represented the final hurdle to the takeover. Formal offers were expected to be made Friday for the remaining Sanyo shares.

It is the first complete takeover of a large Japanese electronics company by a domestic competitor.

Neither Panasonic nor Goldman have confirmed the deal. (dpa)