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Samsung to become Sharp’s largest shareholder

Samsung to become Sharp’s largest shareholder

May 13, 2013

SSamsung-Logoamsung contemplates buying more shares from Sharp.

Following Samsung recently purchasing three percent of Sharp for a sum of $105 million (€80.8 million), the company is now reportedly considering paying “tens of billions of yen” for more of the OEM’s shares, which would make it Sharp’s largest shareholder, reports Electronics Weekly.com.

According to the article, Sharp has $12.76 billion (€9.8 billion) of debt, with $4.25 billion (€3.2 billion) of it due to be repaid within a year. With cash of just $2.75 billion (€2.12 billion), the company is expecting a loss of $5.1 billion (€3.9 billion) at the end of this financial year, and In November put up its headquarters in Osaka along with its nine percent stake in Panasonic for a bank loan of $4.6 billion (€3.5 billion).

Sharp attempted to sell 10 percent of the company to Foxconn’s parent company, Hon Hai, for $800 million (€616 million) last year, but the deal fell through due to Hon Hai demanding some form of management control of Sharp.

Meanwhile, Qualcomm paid $60 million (€46 million) for 2.64 percent of Sharp in 2012, with the company also set to potentially buy another 2.64 percent of the company for the same price, although the deal has reportedly been postponed until June.

The Recycler reported in March that Sharp had declined to sell its printer and copier unit as part of the OEM’s investment in the company, despite it being in the original deal. Reasons for the refusal were not disclosed.

Categories : Products and Technology

Tags : Business Samsung Sharp

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