Manufacturing giant Foxconn looks set to get a big boost to its display-making capabilities, with reports that the board of directors at Japanese electronics firm Sharp have accepted a takeover deal from the Taiwanese Foxconn.
The deal is reportedly worth 700 billion Yen (around US$6.24 billion, £4.48 billion), with Foxconn promising to keep the historic Japanese brand intact and avoid major layoffs.
If accepted by Sharp's shareholders, it will become a rare instance of a Japanese company selling to a multi-national firm. According to the Wall Street Journal, Foxconn had been running as an underdog to the Japanese government backed Innovation Network Corp. of Japan.
However, the Taiwanese firm pushed harder, offering a significant premium to win over the board of directors.
- Sharp has an impressive history in developing display technologies, both in television screens and in smartphone screens.
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