Samsung Says Offer for Sharp’s Photocopier Unit Rejected

Samsung Electronics Co. (005930), which last week agreed to invest more than $100 million in Sharp Corp. (6753), said an offer to buy the Japanese company’s photocopier business was rejected.

“We initially showed interest to take over Sharp’s photocopier operation, but Sharp refused the proposal,” Chenny Kim, a spokeswoman for Samsung, said by phone today, without disclosing a price. Miyuki Nakayama, a spokeswoman for Sharp, confirmed the approach was rejected.

Samsung, the biggest maker of smartphones, said March 6 it will buy about 3 percent of Osaka-based Sharp for 10.4 billion yen ($108 million) to secure liquid-crystal displays for phones and televisions. The unprofitable Japanese company is trying to raise funds with capital alliances and asset sales after forecasting a record full-year loss of 450 billion yen.

Suwon, South Korea-based Samsung is tightening its focus on the company’s imaging business as high-end smartphones, its biggest profit driver, crimp camera demand with high-quality picture functions.

Samsung’s offer for Sharp’s copier unit was reported earlier today by Sankei, which didn’t provide a value for the business.

To contact the reporter on this story: Jungah Lee in Seoul at jlee1361@bloomberg.net

To contact the editor responsible for this story: Michael Tighe at mtighe4@bloomberg.net