The Wall Street Journal: Foxconn Offers Nearly $5 Billion for Sharp

Foxconn has made an offer for the Japanese electronics manufacturer Sharp of almost five billion euros, according to business newspaper The Wall Street Journal. Foxconn has also said it has no plans to replace the company’s Japanese management.

That move should favor the Japanese authorities to eventually approve the takeover, reports the American business newspaper The Wall Street Journal. Innovation Network Corp, a partner in the Japan Display joint venture, also has an offer on the table. Innovation Network Corp. is largely owned by the Japanese state. In April last year, the company already appeared to be flirting with the Innovation Network Corporation of Japan.

Foxconn is no stranger to Sharp. The Taiwanese manufacturer of smartphones, among other things, has a minority interest in the Japanese manufacturer and they have already entered a joint venture together. Foxconn would pay 625 billion yen for Sharp, currently about 4.9 billion euros. Financially, Sharp has been in bad shape for some time and the company has a lot of debt.