Foxconn receives clearance for acquisition of Japan’s Sharp Corp
Q. Which Taiwan based company has received approval for purchase of Japan’s Sharp Corp?- Published on 16 Aug 16
Taiwan’s Foxconn indicated that China’s anti monopoly authorities approved acquisition of Japan’s Sharp Corp paving the way for the world’s largest contract electronics manufacturer to seal a USD 3.8 billion deal.
- With all necessary regulatory reviews complete, Sharp and Foxconn will now move to complete transactions in accordance with agreement as quickly as possible.
- Seeking control of Sharp’s advanced panel technology and strengthen position with major client Apple Inc, Foxconn formally known as Hon Hai Precision Industry Co will spend 388.8 billion yen or USD 3.84 billion to acquire two thirds stake in Sharp.
- Foxconn was unable to complete the acquisition in June due to prolonged Chinese antitrust review indicating fears among investors that the deal might fall and send Sharp shares below the planned acquisition price of 88 yen.