Taiwan’s Hon Hai Precision Industry, aka Foxconn Technology Group, and Japan’s Sharp plan to sign an agreement Thursday giving the former company a controlling stake in the latter through its purchase of newly issued equity for an estimated 389 billion yen ($3.44 billion), the Nikkei Asian Review reported Saturday, citing people familiar with the negotiations.
The world’s largest electronics contract manufacturer and the beleaguered maker of consumer electronics products were on track to strike a deal along similar lines for an additional 100 billion yen last month, but it was derailed by the discovery of previously undisclosed liabilities at Sharp, as Reuters reported.