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 company.
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 the deal is accepted by Sharp’s shareholders it will become a rare instance of a Japanese company selling to a multinational 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 Sharp board.
- Sharp has an impressive history in developing display technologies, both in television screens and in smartphone screens.
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