October 29, 2019
We have much that we want to achieve
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," he said in a joint
statement. "For Sharp, this is the first step toward normalisation and it will
make the company a buy for investors again," said Hideki Yasuda, an analyst at
Ace China Engine
component tensioners Factory Research Institute in Tokyo.
Hon Hai put the
brakes on the takeover in February, soon after it was first announced, to review
new information from Sharp believed to relate to the company's sizeable
liabilities.Sharp is still a leader in LCD technology and remains one of Japan's
best-known corporate brands overseas despite its bleeding balance sheet.The
joint statement, issued at a news conference in Taipei, described the takeover
as an attempt to revive Sharp's flagging fortunes and called it a "historic
strategic alliance".
The two firms have worked together on large-screen
technology, including for televisions, and jointly operate a liquid crystal
display (LCD) panel plant in Japan. in Taipei, Taiwan, on Wednesday."We are
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," it said.. The deal is set to be the fourth largest
overseas investment by a Taiwanese company, the commission reported.The takeover
must still be approved by Taiwan's Investment Commission, which said it would
rule on the acquisition within a month of receiving the application for the
purchase.5 billion).
Hon Hai's colourful founder Terry Gou said he was "thrilled"
by the "strategic alliance".Foxconn spokesman Simon Hsing (right) announces the
approval of the purchase of a controlling stake in Japan’s Sharp Corp.Sharp has
teetered on the edge of bankruptcy for years and billionaire Gou has long been
pushing for a takeover.But the cash injection from Hon Hai — the multinational
owner of Foxconn, the world's biggest iPhone and iPad assembler — is well down
from the original 489 billion yen put on the table in February. In February
Sharp said its net loss in the April to December period came in at a whopping
108. A spokesman said the deal would be signed in Osaka on Saturday.3 billion
yen, way up from the year before.Separately, Sharp warned on Wednesday it
expects an operating loss of 170 billion yen in the current fiscal year,
reversing earlier expectations of a small profit.
But the century-old company
piled up eye-watering losses after the 2008 global financial crisis and a
restructuring plan has yet to pull it out of the red. in Taipei, Taiwan, on
Wednesday.Sharp's president and CEO Kozo Takahashi added that the move would
merge forces and "accelerate innovation". (Photo: AP)Taiwan’s tech giant Hon Hai
said Wednesday it had finally sealed a takeover of Japanese electronics maker
Sharp in a "historic" deal worth 389 billion yen ($3.Still, the Japanese
government had reportedly been concerned about Sharp's key technologies falling
into the hands of a foreign firm.It is the first foreign acquisition of a major
Japanese electronics firm and comes after weeks of delays, with Hon Hai buying a
66 per cent controlling stake. (Photo: AP) Foxconn spokesman Simon Hsing (right)
announces the approval of the purchase of a controlling stake in Japan’s Sharp
Corp.Hon Hai will pay 88 yen per share
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