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SHARP Corp yesterday agreed to be bought by Foxconn in what would be the biggest takeover of a Japanese tech firm by a foreign company, but the Taiwan-based company said it needed to clarify terms and was not ready to sign.
The loss-making display maker said it would issue around US$4.4 billion worth of new shares to give Foxconn, known formally as Hon Hai Precision Industry Co, a two-thirds stake.
Foxconn’s investment is set to total more than 650 billion yen (US$5.8 billion), a source familiar with the matter said.
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