Japan’s Sharp jumps 14pc on Pioneer sale report

Shares in struggling Japanese electronics maker Sharp rocketed more than 14 per cent on Monday morning after a weekend report that it plans to sell its entire 9.2 per cent stake in rival Pioneer.

Sharp shares were up 14.02 per cent at 382 yen (HK$32) on the Tokyo Stock Exchange at the break while Pioneer climbed 6.19 per cent to 223 yen.

Sharp, the largest shareholder in Pioneer, aims to sell the 30 million shares in a lump-sum deal as early as this month to companies that can expect synergies with Pioneer’s operations, the Nikkei newspaper reported.

via Business feed http://www.scmp.com/business/money/market-snapshot/article/1215115/japans-sharp-jumps-14pc-pioneer-sale-report