Goldman Sachs Group Inc. may seek to increase its stake in Sanyo Electric Co., challenging Panasonic Corp.’s plans to take over the world’s largest maker of rechargeable batteries.

The New York-based bank may offer to buy Sanyo shares from Daiwa Securities Group Inc. and Sumitomo Mitsui Financial Group Inc., Hiroko Matsumoto, a Goldman spokeswoman in Tokyo, said by phone. Goldman, which earlier today rejected an offer from Panasonic as too low, Daiwa and Sumitomo hold a controlling stake in Osaka-based Sanyo.

Panasonic, the world’s largest consumer-electronics maker, plans to pay 130 yen a share to buy Sanyo’s stock, up from 120 yen previously, Nikkei reported today, without saying where it got the information. The amount is lower than Sanyo’s closing price of 169 yen yesterday and Credit Suisse Group AG’s projection of as much as 140 yen made on Nov. 4.

Sanyo lost 12 percent to close at 148 yen in Tokyo trading, while Panasonic dropped 5.2 percent to 1,034 yen.

Did Goldman get bailout money?  So this is where the money goes?  Makes me feel all the better about the bailout.  (sarcasm intended)