Foxconn and Sharp agree takeover deal

Taiwanese manufacturer Foxconn has sealed a deal to take over Japanese electronics group Sharp.

Following months of speculation and delays, Foxconn’s board has agreed to pay 389bn yen (£2.4bn) for a 66% stake in Sharp.

The final price agreed turned out to be a fair bit lower than the proposed $6.2bn Sharp announced a month ago, after Foxconn held up the deal due to last-minute concerns about the recent financial performance of the Sharp business.

The companies said in a joint statement that they were “committed to restoring profitability and strengthening operations to once again make Sharp a leader in the global electronics arena and a world-class company with a positive outlook”.

Terry Gou, founder and chief executive of Foxconn, said: “I am thrilled by the prospects for this strategic alliance and I look forward to working with everyone at Sharp.

“We have much that we want to achieve and I am confident that we will unlock Sharp’s true potential and together reach great heights.”