Samsung buys shares in Sharp

<p>Samsung is taking a three per cent stake in rival firm Sharp.</p>

Samsung's share price has edged higher after the technology company announced it is set to buy a three per cent stake in one of its rivals.

The firm revealed it will be purchasing three per cent of Sharp, which Gerhard Fasol of Eurotechnology Japan in Tokyo hailed as a good move for both brands.

Speaking to BBC News, he said: "Not only can Samsung help Sharp smooth its production and operations, it can also become a key customer of Sharp's products, especially flat screens."

Following the announcement, shares in Samsung on the Frankfurt stock exchange were up by almost one per cent this morning (March 6th).

Shares in Sharp also jumped prior to the announcement, with its stocks up as much as 17 per cent to 350 yen on the Tokyo Stock Exchange, before closing at 341 yen.

At 08:40 GMT this morning, Samsung's share price stood at 552.90, a rise of 0.71 per cent on the start of the day.

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