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Intel and Qualcomm to rescue Sharp?

BusinessNews
by Aatif Sulleyman
, 14 Nov 2012News
Intel and Qualcomm to rescue Sharp?

Qualcomm and Intel are reportedly looking to invest in struggling Sharp.

According to Reuters, the two chipmakers are planning to jointly invest around 30 billion yen (£236 million). Additionally, an unnamed source "familiar with the matter" has said that Qualcomm and Sharp could agree on a deal by the end of November.

Intel's commitment is looking less assured, due to its own uncertain financial outlook. However, it is known to be a keen admirer of Sharp's super-sharp, power-saving IGZO technology, as it responds to the ailing PC market by focusing more heavily on thin-and-light ultrabooks, tablets and smartphones.

Sharp, which creates the screens for Apple's iPhone 5 amongst other devices, is looking towards manufacturing smaller displays in light of the TV industry's decline. Last month, it announced that the Aquos Pad SHT 21, the first tablet to incorporate an IGZO display, will hit Japan in December.

The Japanese company recently secured 360 billion yen (£2.8 billion) in loans from the Bank of Tokyo-Mitsubishi UFJ and Mizuho Corporate Bank, which should keep the company running until at least March 2014.

Taiwanese heavyweight Hon Hai Precision Industry is thought to be considering parting with around £500 million to gain control of approximately 10 per cent of the company, but no deal has so far been reached.

Meanwhile, Sharp has forecast net losses of 450 billion yen (£3.5 billion) for the year.

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