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Sharp Surges as Company Seeks Support for Spinoff

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Sharp Corp. rose the most in more than a year in Tokyo after a person familiar with the matter said the company plans to ask a government-backed fund for help in spinning off part of its liquid-crystal display business.

The shares gained 6.1 percent, the most since January 2014, to close at 245 yen. Osaka-based Sharp is seeking investment from Innovation Network Corp. of Japan to form a subsidiary making LCD panels used in smartphones and tablet computers, the person said, asking not to be named as the proposal hasn’t been made public.