© rasa messina francesca dreamstime.com
Electronics Production |
INCJ's not giving up on Sharp without a fight
Even though it seems like its more or less a done deal the Japanese investment fund – Innovation Networks Corp. of Japan – is not just going to roll over and let Foxconn have this win.
The investment fund is arguing that its rescue proposal is worth more than the offer from the Taiwanese EMS-giant. Is this a sign that the Japanese government is gearing up to go one more round in hopes of keeping Sharp Japanese?
The government-backed fund claims that its rescue proposal – which contains a package of cash, asset sales and support from lenders – is worth about USD 8.5 billion, according to documents INCJ presented to Sharp and obtained by Bloomberg. Foxconn is reportedly offering USD 5.6 billion for the company.
According to a Bloomberg report, the INCJ proposal includes a JPY 300 billion infusion in Sharp, as well as JPY 350 billion support from lenders. Besides this the fund also proposed raising JPY 150 billion from its Sakai Display Products Corp. stake and JPY 200 billion in financing.
However, Terry Gou seemed awfully confident after his last meeting with Sharp saying that a deal was more or less done, all that was left were the legal legal and regulatory matters – which according to him, should not be a problem.
