Ron Burgundy Posted March 30, 2016 Share Posted March 30, 2016 By Makiko Yamazaki and J.R. Wu TOKYO/TAIPEI (Reuters) - Taiwan's Foxconn agreed to acquire Sharp Corp at a big discount to its original offer after a month of wrangling that sowed more doubts over whether the two companies can work well together and fend off fierce competition from smartphone display rivals. Foxconn, formally known as Hon Hai Precision Industry Co, will pay about $3.5 billion for a two-thirds stake, nearly $900 million less than its initial offer, the companies said. It would also give Foxconn control of Sharp's advanced screen technology and help strengthen its pricing power with major client Apple Inc. Highlighting Sharp's dire finances, the ailing display maker estimated an operating loss of around 170 billion yen ($1.5 billion) for the year through Thursday in contrast to its earlier profit forecast of 10 billion yen. View the full article Quote Link to comment Share on other sites More sharing options...
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