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© mpanch dreamstime.com Electronics Production | February 25, 2013

Foxconn & Sharp deal disappearing into thin air

Foxconn share-buying adventure was supposed to provide Japanese TV company Sharp with much needed funding and orders. The project is apparently ill-fated.
Foxconn's help for ailing Japanese electronics giant Sharp has apparently hit dire straits. The deadline for talks - supposed to end (successfully) on March 26, 2013 - are most likely to expire without an agreement, writes Bloomberg citing unnamed sources familiar with the situation.

In March 2012, Foxconn intended to by 9.9 percent of shares for JPY 550 (EUR 4.47) per share. The share price for Sharp subsequently but dropped to JPY 150 and Foxconn wanted to renegotiate. New talks were scheduled, so far - it seems - without result. The share price has since recovered to around JPY 300.

In autumn 2012, the Japanese company had admit that the dire financial situation is a threat to the continued existence of the company. Sharp expects to close the current fiscal year end (ends on March 31, 2013) with yet another record loss. Sharp is expected to report - to be exact - a loss of JPY 450 billion (approximately EUR 3.66 billion).

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