Foxconn to delay signing of Sharp deal

Foxconn is delaying the takeover of Sharp as the latter had included new terms in the deal that needed to be clarified.
Foxconn is delaying the takeover of Sharp as the latter had included new terms in the deal that needed to be clarified.PHOTO: EPA

TAIPEI (REUTERS) - Taiwan's Foxconn on Thursday said it would delay the signing of a deal to take over Sharp Corp as the Japanese firm had included new terms that needed to be clarified.

Sharp said earlier in the day that it had agreed to be taken over by Foxconn, marking the largest acquisition of a Japanese tech firm by a foreign company and bolstering Foxconn's position as Apple's biggest supplier.

Foxconn, known formally as Hon Hai Precision Industry, said that Sharp on Wednesday morning had "couriered over a new key document to the management of Hon Hai".

Foxconn said it responded to Sharp on the same day that the content needed to be clarified before a deal could be signed. It hopes to be able to clear up the matter as soon as possible, it said in a statement.