A Japanese state-backed fund said on Friday it had yet to decide on its potential rescue plan for Sharp Corp, while a media report said Taiwan's Foxconn had raised its offer in a rival move for the struggling electronics maker.
Innovation Network Corp of Japan (INCJ) officials have been discussing a capital injection of more than 300 billion yen ($1.7 billion) into Sharp and up to 350 billion yen of financial assistance from the company's two main lenders, sources have told Reuters.
The fund had been expected to agree on a basic bailout plan on Friday, but INCJ Executive Director Tetsuya Hamabe told reporters after a meeting of the fund's executives that "no formal decision has been made".
Sharp is weighing the INCJ plan against a rival proposal from Foxconn, formally known as Hon Hai Precision Industry. The Wall Street Journal reported Foxconn had raised its offer to 659 billion yen from an earlier offer of around 625 billion.
Sharp declined to comment on the report, while Foxconn officials were not immediately available for comment. read the rest here