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Foxconn daddy's cheap Sharp stake slurp still news to Sharp

Hon Hai to announce deal breakthrough despite TV biz's protests

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Foxconn parent Hon Hai is drawing up a joint statement on its deal to buy a cheaper stake in Sharp this month, although Sharp is still insisting there's no need for any renegotiation.

Taiwanese Hon Hai told Reuters that the two firms were working to agree on a "better version" of the March deal, when Hon Hai agreed to pay ¥66.9bn (£547m, $853.8m) for a 9.9 per cent share of Sharp and another ¥66bn (£539.58m, $842.3m) for a 46.5 per cent slice in Sharp's joint venture telly business with Sony.

Since then, Sharp's shares have been falling and Hon Hai now wants to pay a lower price for the same stakes.

After Sharp announced a billion-yen net loss for the second quarter and its stocks started to slide, Hon Hai said that the pair had agreed to change the deal. But monitor biz Sharp said at the time that the deal was going ahead as it was.

Sharp is telling the same story today and said it hadn't said anything about releasing any press statement.

Taiwan's government has to approve the deal, as it does with all outbound investment, and yesterday it returned the application to Hon Hai looking for more details. ®

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