URGENT ¥¥¥ Sharp announces $111 mn tie-up with Samsung

Japanese giant Sharp on Wednesday announced a $111 million capital injection deal with South Korean rival Samsung, underscoring the fading fortunes of Japan's electronics sector.

Sharp, which is scrambling to repair its battered balance sheet, said Samsung would buy 10.4 billion yen ($111 million) worth of new shares, or a three-percent stake in the Japanese firm.