Foxconn pips Japan state fund to acquire Sharp

Tokyo

FOXCONN Technology Group, which battled a Japanese government-backed fund for Sharp Corp, will take a majority stake in the struggling electronics company. The shares slumped as much as 17 per cent.

Foxconn, the parent of Hon Hai Precision Industry Co, will control 65.9 per cent of Sharp after buying stock, the Osaka-based company said in a filing on Thursday. Sharp accepted the offer over one from state-backed Innovation Network Corp of Japan (INCJ).