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Foxconn Take 10% Stake of Sharp Corporation
TAIPEI, Nov 2012–A senior executive of Sharp Corporation said that the company was willing to make a concession to allow Hon Hai Precision Industry Co., Ltd. to hold over 10% stake to finish the investment agreement.
The senior executive explained that the unstable profit had obstructed the negotiation on capital alliance between Sharp and Hon Hai Precision.
When signing the original agreement, Sharp expected Hon Hai Precision to take less than 10% stake, because according to Japan’s law, a shareholder taking over 10% stake will have larger rights, including the right to ask a court to dismiss a company.
The senior executive said that it was now impossible to ask Hon Hai Precision to fulfill the agreement reached in March. According to the agreement, Hon Hai Precision will acquire a 9.9% stake in Sharp at JPY 550 (about USD 6.73) per share, with the investment totaling JPY 66.9 billion (about USD 819 million).
Source: http://www.163.com (November 23, 2012)
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