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[February 27, 2013]
Sharp to accept executives from banks
(Japan Economic Newswire Via Acquire Media NewsEdge) OSAKA, Feb. 28 -- (Kyodo) _ Struggling major Japanese electronics maker Sharp Corp. is making arrangements to accept executives from two major banks in April to secure their support, industry sources said Thursday.
When Mizuho Corporate Bank and the Bank of Tokyo-Mitsubishi UFJ proposed sending executives to Sharp last summer, Sharp was reluctant to approve the proposal, which it thought would reduce its management options, they said.
Now that Sharp plans to suspend capital alliance talks with its Taiwanese business partner, however, it intends to accept bankers to enhance relations with the two lenders ahead of a deadline in June for repaying 360 billion yen in loans, the sources said.
Last March, Sharp concluded a capital and business tie-up agreement with the partner, Hon Hai Precision Industry Co., to receive investment from Hon Hai by March 26, 2013.
But bilateral negotiations on investment terms have made little progress, prompting Sharp to suspend the talks.
(c) 2013 Kyodo News International, Inc.
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