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Foxconn said to grab a majority stake in Sharp

Foxconn said to grab a majority stake in Sharp

According to a report from TV Asahi, a Japanese television network, the Taipei-based Apple manufacturing partner Foxconn has put forward several proposals for investing in Sharp Corp.’s liquid-crystal display business with NT$135 billion.

Foxconn has reportedly submitted the investment proposals to the struggling Japanese consumer electronics giant, which sent Sharp Corp. stock prices up by 8.3% at one time. The investment could see Foxconn grab a majority stake in the company.

The business deal came amid the manufacturer’s financial overhaul, as it has been under economic pressure for the loss of market share over the past decade to Apple Inc and other business rivals.

In 2012, Sharp reportedly agreed to sell a stake to Foxconn, yet the deal did not fall through due to disagreement on the terms of management.

Meanwhile, Innovation Network Corporation of Japan (INCJ), a government-sponsored private equity firm, is also said to invest in Sharp Corp. The final decision will not come down before the year-end, according to the media report.

Updated : 2021-09-25 20:03 GMT+08:00