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Sharp Jumps After Report of Possible Tie-Up With HP: Tokyo Mover

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Sharp Corp.
An attendee uses a digital camera in front of a wall displaying the Sharp Corp. logo during a media briefing on the company's new products in Tokyo. Photographer: Kiyoshi Ota/Bloomberg

Nov. 20 (Bloomberg) -- Sharp Corp., the Japanese electronics maker that reported a record loss last year, climbed the most in four months in Tokyo trading after a report it was considering a tie-up with Hewlett-Packard Co. in photocopiers.

Shares advanced 7.6 percent, the most since July 2, to close at 299 yen after Kyodo News published a one-line dispatch on its English-language website.

“The report is not announced by the company,” said Sharp spokesman Yoshifumi Seki. “I cannot comment on business with specific companies.” Michael Thacker, a spokesman for Hewlett-Packard, declined to comment.

“It’s positive for Sharp if it can close the deal,” said Hideki Yasuda, an analyst at Ace Research Institute in Tokyo. “Photocopier margins are high, so if they increase sales, profit will also increase.”

Samsung Electronics Co., Asia’s biggest technology company, said in March its offer to buy Sharp’s photocopier business was rejected. The price wasn’t disclosed.

Today’s advance pared Sharp’s decline this year to 1.3 percent. The broader Topix index has surged 43 percent in the same period, Panasonic Corp. has doubled and Sony Corp. has jumped 95 percent.

To contact the reporters on this story: Takashi Amano in Tokyo at tamano6@bloomberg.net; Grace Huang in Tokyo at xhuang66@bloomberg.net

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

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