Japan state-backed fund in advanced talks to invest in Sharp: sources
A Japanese state-backed fund is in advanced talks to invest in Sharp Corp with plans to overhaul the manufacturer's consumer electronics business including a possible deal with Toshiba Corp, people familiar with the matter said.
Innovation Network Corporation of Japan (INCJ) considered investing in Sharp's display division and merging it with rival Japan Display Inc, in which the fund is the biggest shareholder, sources told Reuters in recent months.
But INCJ is now looking to inject funds into Sharp's overall business and pursuing broader restructuring including cost cuts and deals such as a merger with Toshiba's consumer electronics arm, people with knowledge of the matter told Reuters this week.
Sharp and other Japanese consumer electronics makers have lost market share over the past decade to Apple Inc, Samsung Electronics Co Ltd and other more nimble rivals.
To stay competitive, the government in 2009 launched INCJ, which was credited with the turnaround of auto-related semiconductor supplier Renesas Electronics Corp. read more here