News

Foxconn buys Sharp for a lower price

30 958 2016

The sale of Sharp Electronics to Foxconn, the Taiwanese IT manufacturer was at very long last concluded today Wednesday 30th March.   After more than a month of final haggling, the transaction is official.  Both sides' boards have issued statements to the effect that deal would be formally signed off on April 2.

Foxconn has finally succeeded in getting its offer accepted.  The offer had been lowered when other Sharp debts were discovered.  For 3 billion Euros, about 3.5 billion  US dollars, Foxconn gets 66% of the Japanese manufacturer's shares.  According to the Yomiuri Shimbum newspaper, Foxconn appears to have also negociated the departure of Sharp's CEO.  

The acquisition of Sharp strengthens Foxconn in terms of the manufacture of visual displays, in which Sharp specializes, particularly as regards its positioning against Apple.  

This news comes a week after Sharp announced annual results which were lower than their own forecasts due to the economic slowdown in China.