Sharp to buy Toshiba's PC business for ¥4 billion

Sharp Corp. announced Tuesday it will acquire Toshiba Corp.'s once-signature personal computer business in a bid to make a comeback in the PC market. Sharp, controlled by Hon Hai Precision Industry Co., will pay ¥4 billion for an 80.1 percent stake in Toshiba Client Solutions Co., a PC-related subsidiary of Toshiba that once held the biggest share of the global laptop market but has since lost out to overseas rivals. The stock transfer is planned for Oct. 1. Sharp also announced it will issue new shares worth up to ¥200 billion to buy back preferred shares from banks, seeking to quickly improve its financial status. Sharp aims to turn Toshiba's money-losing business into a new profit-driver by exploiting its liquid crystal display production and the manufacturing know-how of parent Hon Hai.