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Taiwan: Stocks rise; Hon Hai up 4% as Sharp accepts takeover offer

Thursday, February 25, 2016 - 11:08

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[TAIPEI] Taiwan stocks rose on Thursday, led by shares in Hon Hai Precision after Japan's Sharp Corp decided to accept the Taiwanese tech company's rescue offer.

Sharp's board on Thursday agreed to a takeover offer by Taiwan's Hon Hai, a source familiar with the matter said, in what would be the largest acquisition by a foreign company in Japan's insular technology sector.

Hon Hai shares jumped more than 4 per cent on the news, extending early gains.

As of 0234 GMT, the main TAIEX index rose 0.9 per cent, to 8,353.93, after closing 0.6 per cent lower in the previous session.

The electronics subindex rose 1.1 per cent, while the financials subindex gained 0.8 per cent.

The Taiwan dollar firmed TW$0.242 to TW$33.248 per US dollar.

REUTERS

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