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Sharp seeks buyer for 9.2% stake in Pioneer

Kyodo

Sharp Corp. plans to sell its 9.2 percent stake in Pioneer Corp. to finance restructuring measures and is looking for a buyer, sources revealed Saturday.

The struggling electronics maker is Pioneer’s top stockholder. It is expected to use the proceeds from selling its 30 million shares in the maker of car navigation systems and home electronics to meet the redemption in September of around ¥200 billion in convertible bonds.

Sharp has been thinking off selling its Pioneer shares since last year as part of a restructuring push. The two companies, which formed a capital and business tieup in 2007, intend to keep collaborating and Pioneer will retain its 0.8 percent stake in Sharp, the sources said.

Pioneer shares ended Friday at ¥210 on the Tokyo Stock Exchange, putting the value of Sharp’s stake at over ¥6 billion.