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Foxconn to pay over US$6 billion for a majority stake in Sharp

John Ribeiro | Feb. 26, 2016
Foxconn will be the parent of the Japanese company after the transaction.

Describing the business conditions facing the company as “still harsh,” Sharp also announced this month an extension to March 2017 of salary and allowance cuts for workers and managers that were introduced in August last year. It said the reductions would reduce costs by 3.6 billion yen for the year ending March 2017.

Foxconn has previously shown interest in investing in a 10 percent stake in Sharp.

 

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