Sharp announces $111 mn tie-up with Samsung
- Published: 6 Mar 2013 at 07.49
- Online news: World
Sharp on Wednesday announced a $111 million capital tie-up deal with South Korean rival Samsung, in a rare move for a Japanese firm that underscores the fading fortunes of its electronics giants.
Customers look at LCD television sets by Japanese electronics maker Sharp at an electronics shop in Tokyo on March 6, 2013. Sharp on Wednesday announced a $111 million capital tie-up deal with South Korean rival Samsung, in a rare move for a Japanese firm that underscores the fading fortunes of its electronics giants.
Sharp, which is scrambling to repair its battered balance sheet, said Samsung would buy 10.4 billion yen of new shares, or a three-percent stake in the Japanese firm, making the smartphone and tablet maker its biggest foreign shareholder.
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