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Sharp down 2 pct after taking 14 pct Pioneer stake

Thu Sep 20, 2007 8:24pm EDT

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TOKYO, Sept 21 (Reuters) - Shares of Japan's Sharp Corp (6753.T) fell more than 2 pct, while Pioneer Corp (6773.T) rose nearly 3 percent on Friday after electronics maker Sharp said it would take a 14 percent stake in rival Pioneer.

Mergers & Acquisitions  |  IPOs

Sharp will buy about $357 million worth of new shares from Pioneer and work with its loss-making rival in developing DVD players, car electronics and displays. [ID:nT13149]

As of 0015 GMT, Sharp was down 2.1 percent at 1,918 yen, while Pioneer was up 1.8 percent to 1,426 yen.

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