Fox­conn agrees to $3.5b Sharp takeover

China Daily (Canada) - - BUSINESS -

Elec­tron­ics man­u­fac­turer Fox­conn, also known asHonHai Pre­ci­sion In­dus­try Co, has agreed a deal to take a 66 per­cent stake in Ja­pan‘s Sharp Corp for $3.5 bil­lion in the first takeover of a ma­jor Ja­panese elec­tron­ics pro­ducer by a for­eign com­pany. Fox­conn, which as­sem­bles most of the world’s iPhones, first of­fered to in­vest in the trou­bled Ja­panese firm in 2012, but talks col­lapsed over price. Fox­conn and Sharp said they would form “a his­toric strate­gic al­liance”.

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