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Foxconn acquires Sharp for US$3.5bn

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Taiwan’s Foxconn, formally known as Hon Hai Precision Industry Company Ltd, has officially acquired Japanese electronics manufacturer Sharp.Under the deal, Foxconn will invest around US3.5 billion to buy 66% of Sharp’s share, marking the largest acquisition by a foreign company in Japan's tech industry and the end of independence for a 100-year-old company.Terry Gou, chairman and CEO of Hon Hai, Jeng-we Tai, vice chairman of Hon Hai, and Kozo Takahashi, president and CEO of Sharp Corporation signed the deal at Sakai Display Products Corp., a liquid crystal display plant jointly owned by the two companies in Sakai, Osaka Prefecture, Japan.

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