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Sharp Display Products to regain 100% control after sale

Sony and Sharp announced this week that their joint venture in producing and selling large-size LCD panels and modules will terminate. Sony will sell its shares in Sharp Display Products Corporation back to SDP. Sony owns about 7.04% of all stock issued in the company.
 
In exchange for selling the shares back to Sharp, Sony will get cash equal to its original investment of ¥10 billion.
 
The return of the stock and the cash payment to Sony will be completed by the end of June 2012. Sony made the original ¥10 billion investment in December of 2009, and at that point Sharp Display Products became a joint venture between Sharp and Sony.
 
Sharp expects no material impact on its financial forecast for the fiscal year ending March 31, 2013. Sony also expects no material impact on its own financial forecast set to end the same month.
 
Sharp Display Products already holds 92.96% of all stock in the company and purchasing Sony shares will bring its ownership up to 100%.

Source: MarketWatch





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