World Economy

Sharp Takeover Deal

Sharp Takeover DealSharp Takeover Deal

Foxconn should be able to reach a deal to acquire Sharp Corp over the next two to three weeks, after the two firms reached a consensus on most points at a meeting on Friday, chief executive officer Terry Gou said, CNBC reported. Foxconn, known formally as Hon Hai Precision Industry Co, has officially been given preferred negotiating rights, he told reporters. The Taiwanese firm has offered to invest around ¥659 billion ($5.6 billion) in Sharp, sources familiar with the matter have said–a deal which would make it the biggest acquisition by a foreign company in Japan’s insulated technology sector.