Foxconn Seals Deal for Sharp
August 12 2016 - 6:20AM
Dow Jones News
TOKYO—IPhone assembler Foxconn Technology Group completed its
$3.8 billion deal to buy electronics major Sharp Corp. on Friday,
setting the stage for Taiwanese tycoon Terry Gou to begin
restructuring efforts to turn around the embattled Japanese
company.
Osaka-based Sharp said it had received ¥ 388.8 billion ($3.81
billion) from the contract electronics manufacturer formally known
as Hon Hai Precision Industry Co.
The Taiwanese group in return acquired a 66% stake in Sharp,
whose revenue comes mostly from selling its own consumer
electronics products and supplying display panels for major
smartphone makers including Apple Inc.
Mr. Gou, Foxconn's chairman, will soon send his right-hand man
and the group's No. 2 executive, Tai Jeng-wu, to head the Japanese
company and implement restructuring efforts, which would include
thousands of additional job cuts.
Kozo Takahashi, the chief executive of Sharp who accepted the
Foxconn deal in March, stepped down from the post Friday.
The two companies had been hoping to seal the deal by June, but
reviews by Chinese antitrust authorities took longer than expected.
The government approved the deal Thursday.
Write to Takashi Mochizuki at takashi.mochizuki@wsj.com
(END) Dow Jones Newswires
August 12, 2016 06:05 ET (10:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Sharp (PK) (USOTC:SHCAY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Sharp (PK) (USOTC:SHCAY)
Historical Stock Chart
From Jul 2023 to Jul 2024