Thu, Mar 17, 2016 - Page 13 News List

Sharp president rumored to have visited Hon Hai

LIABILITY:A Sharp rescue negotiated with Hon Hai for months has seen stock prices slump as reports emerge it is likely to take time to be finalized

Staff writer, with CNA

Sharp Corp president Kozo Takahashi visited the headquarters of Taiwan-based manufacturing giant Hon Hai Precision Industry Co (鴻海精密) yesterday, sources familiar with the matter said.

The rumored visit raised the eyebrows of many analysts, who said that Sharp and Hon Hai, known as Foxconn Technology Group (富士康) outside Taiwan, have been engaged in intensive talks to settle a Sharp rescue deal after Hon Hai postponed the signing of a deal last month due to Sharp’s contingent liabilities.

Hon Hai declined to comment on speculation that Takahashi visited.

The sources said that a delegation from Sharp arrived on Monday for talks with Hon Hai cheifs.

Former chairman Sharp’s electronics unit Toshihiko Fujimoto, who has been appointed representative of the negotiating team with Hon Hai, visited the Taiwanese firm’s headquarters on Tuesday.

Sharp’s stock price slumped 11.84 percent to close at ¥134 in Tokyo trading yesterday after reports emerged it would take more time to conclude negotiations over a US multi-billion dollar takeover with the Taiwanese firm, while Hon Hai, an assembler of iPhones and iPads, closed up 0.85 percent at NT$83 in Taipei trading.

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