TOKYO:

The Pak Banker - - COMPANIES/BOSS -

Fox­conn Tech­nol­ogy Group Chair­man Terry Gou took a step for­ward in the hotly con­tested bat­tle for con­trol of Ja­pan's Sharp Corp., win­ning an agree­ment to be­come the pre­ferred ne­go­ti­at­ing part­ner for a bailout of the strug­gling con­sumer elec­tron­ics maker. Gou spoke out­side the Sharp head­quar­ters in Osaka af­ter a meet­ing that stretched hours past its planned com­ple­tion. He held up a pa­per with his own sig­na­ture and that of Sharp Chief Ex­ec­u­tive Of­fi­cer Kozo Taka­hashi, and said he ex­pects to have a fi­nal agree­ment by the end of Fe­bru­ary. "We are 90 per­cent there, the re­main­ing 10 per­cent are le­gal mat­ters and are not a big deal," he told re­porters, speak­ing in Chi­nese with a Ja­panese trans­la­tor. "There will be no breakup of Sharp. I guar­an­tee that the Sharp brand will go on." Gou made the last-minute trip to Ja­pan to step up pres­sure on the com­pany to quickly ac­cept his pro­posed bid, af­ter Taka­hashi said Thurs­day he planned to take an­other month to choose be­tween Fox­conn and the ri­val bid­der, govern­ment-backed In­no­va­tion Net­work Corp. of Ja­pan. The stock gained 10 per­cent to 176 yen at the close in Tokyo trad­ing, af­ter climb­ing 17 per­cent yes­ter­day. Taka­hashi told re­porters Thurs­day that nei­ther of the po­ten­tial part­ners is pre­ferred over the other at that point, con­tra­dict­ing sev­eral me­dia re­ports. He was ques­tioned re­peat­edly about whether one bid­der was fa­vored over the other and re­fused to con­cede the point. "Both par­ties are on the same foot­ing," Taka­hashi said that day.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.