Foxconn and Sharp talk to clear up hitch to deal
Print Edition
FOXCONN, a major supplier to Apple Inc, said yesterday that it was in talks with Sharp Corp to clarify a late hitch to its takeover of the Japanese firm, worth close to an estimated US$6 billion. It said it hopes for a “satisfactory agreement.”
Just hours after loss-making display maker Sharp announced on Thursday that it had decided to sell a two-thirds stake to Foxconn, the Taiwan-based firm said it put the deal on hold until it had clarified some “new material information” from Sharp.
Shares in Sharp slid 11 percent yesterday after sources said previously undisclosed liabilities were responsible for the last-minute hitch.
In a brief statement late yesterday, Foxconn said: “Most of the contents of the material information Foxconn received on Wednesday morning, before Sharp’s board meeting began on Thursday, had not been previously proposed nor offered during negotiations between the two sides.”
It added both sides were consulting on the matter “with the aim of reaching a comprehensive understanding and resolution of the situation. We hope to reach a satisfactory agreement as soon as possible.”
Terry Gou, founder of Foxconn, the world’s largest contract maker of electronic goods, and Sharp CEO Kozo Takahashi were meeting in China, said a person familiar with the matter.
Neither company confirmed those talks.
The 11th-hour delay, despite Sharp’s announcement of a deal, has thrown into doubt Foxconn’s quest to buy Sharp.
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