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Sharp shares up more than 10% after Foxconn completes stake purchase

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[TOKYO] Shares of Sharp Corp soared more than 10 per cent in early trade on Monday after the company said that Taiwan's Foxconn completed its takeover.

Sharp on Friday said that Foxconn completed the 388.8 billion yen (S$5.17 billion) purchase, bringing Foxconn's stake to 66.07 per cent. Sharp jumped as high as 17 per cent to 124 yen, the highest since June 24.