Foxconn finalises Sharp deal

Foxconn finalises Sharp deal
Foxconn and Sharp have signed a long-delayed deal which will see the Taiwanese company take control of the Japanese display manufacturer in a deal for 66% of Sharp for $3.5bn.

At a news conference following the signing of the deal, Foxconn CEO Terry Gou said he had confidence in Sharp’s ability to bounce back; "I have deep respect for Sharp’s 105-year history, its technological innovation and leadership."

Before the announcement of a deal with Foxconn, Sharp had been discussing a rival offer from a government-backed consortium of Japanese investors.

Although recent years have seen a downturn in its fortunes, Sharp continues to be a leader in LCD technology, a key asset for Foxconn.

In 2012, Sharp came close to entering bankruptcy, and has struggled with debts and been through two major bailouts in the last four years.

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