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Sharp Becomes Top Shareholder of Pioneer - 12/20/2007 4:15:54 PM   
icube001


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Pioneer said Thursday that Sharp has become its largest shareholder with a 14.28 pct stake.

Pioneer allotted 30 million new shares worth 41.55 billion yen to Sharp. The third-party share allotment plan was announced last September.

Meanwhile, Pioneer bought 10 million outstanding Sharp shares worth 19.75 billion yen to obtain a 0.9 pct equity stake in the company.

In line with the capital alliance, the two companies will form a business tie-up. Sharp will supply liquid crystal display panels to Pioneer, while Pioneer will provide its audio technologies to Sharp. In addition, the companies aim at the development of new "Next generation DVD" related products, by utilizing Sharp's specialization in device technology such as blue-violet laser diode and Pioneer's specialization in optical disk technology such as drive-module technology.

The companies will also develop new network-related products in home electronics field by merging both companies' technologies.
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