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Friday, March 4, 2016

Foxconn Sharp deal -- close. (to conclude by Monday.)

AsiaNikkei

OSAKA -- Hon Hai Precision Industry Chairman Terry Gou is in Japan holding late-stage talks on a deal to buy embattled electronics giant Sharp, with both sides seeking to conclude by Monday.


Bdlive

Foxconn delayed completion as it learned of liabilities at Sharp, after outbidding Innovation Network of Japan.

Two rating companies put Sharp on watch for an upgrade after the Taiwanese assembler of Apple’s iPhones and iPads offered about ¥600bn ($5.3bn) for a controlling stake, with some proceeds used to repay bonds.

"The investors who still hold Sharp’s bonds must be pretty confident that a rescue is at hand," said Mana Nakazora, the chief credit analyst in Tokyo at BNP Paribas.

"With Foxconn and Innovation Network of Japan so eagerly pursuing the company, there is a sense that a default is no longer a threat."


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