sharp deal: shares soar as samsung invests - wacom digital pen-ITATOUCH-img

sharp deal: shares soar as samsung invests - wacom digital pen

by:ITATOUCH     2020-05-17
sharp deal: shares soar as samsung invests  -  wacom digital pen
Samsung announced 10. 4 billion yen (£70m)
This makes sharp the biggest foreign shareholder of Japanese companies.
The South Korean company, which will hold a 3% stake in its rival, as part of the deal, will receive supplies for its mobile phones and tablets with the technology of the chipper LCD.
Market speculation about trading
Asian stocks confirmed after closing
Sharp's shares soared more than 17% before closing up 14%.
The company said the deal would help boost the troubled financial situation and boost "mutual trust" between the two companies ".
Samsung added that the investment "will lay a solid foundation for Samsung's stable supply of LCD panels from various sources ".
The deal is important to both sides.
It was warned last year about its chances of survival.
Japan once
Leading manufacturing.
Hiroshi Sakai, chief economist at SMBC Friend Securities, said: "For Japan, with symbolic and shocking news like sharp, sharp used to be the leader in the panel industry, it was struggling as rival Samsung overtook it.
"The deal is Samsung's latest investment in Japanese companies after acquiring a 5% stake in Wacom in January, which produces digital pen technology.
Mr. Sakai added that as the yen's strength, weak export market demand and fierce competition hit businesses, trading between Japanese and foreign competitors could increase.
"Many other Japanese electronics manufacturers are trying to survive," he said . "
But they still have attractive technologies that some foreign competitors are very interested in.
"It's not just sharp who is trying to compete.
Sony plans to sell a Manhattan-based headquarters and a major Tokyo building to raise money, and Panasonic is restructuring its finances.
Sharp has been trying to raise funds as part of its turnaround plan and said on February that its losses have doubled in the nine months ended December to more than 420 billion yen (£3bn).
On December, the company announced investment from the United States.
Qualcomm will jointly develop future display technology and have been negotiating with Taiwan.
Raise funds based on Hon Hai Precision Industry.
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