Japan’s Sharp decides to accept Foxconn takeover offer: Nikkei

Thomson ReutersThe logo of Sharp Corp is seen at Tochigi plant in Yaita

TOKYO (Reuters) – Japan’s Sharp Corp on Thursday agreed to a takeover by Taiwan’s Foxconn, the Nikkei business daily reported, in what would be the largest acquisition by a foreign company in Japan’s insular technology sector.

A Sharp spokesman declined to comment on the report.

The board of the ailing electronics maker concluded a two-day meeting to discuss whether to accept an offer by the world’s largest contract electronics manufacturer over a rescue by a state-backed investment fund.

The Taiwanese firm, known formally as Hon Hai Precision Industry Co , has offered to invest 659 billion yen ($5.9 billion) in Sharp, sources have said.

(Reporting by Makiko Yamazaki; Editing by Edwina Gibbs)

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