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TMCNet:  Hon Hai Restarts Negotiation with Sharp

[January 11, 2013]

Hon Hai Restarts Negotiation with Sharp

Jan 11, 2013 (SinoCast Daily Business Beat via COMTEX) -- Hon Hai Precision Industry Company Ltd and Sharp Corporation have restarted negotiation and may possibly draw in more investors.

Greater China Chairman of Sharp told the reporter on January 9 that the regular communication over the equity purchase agreement with Hon Hai was going on, but as an alternative offer, the company was also negotiating with several manufacturers over equity purchase and technical cooperation. The final results are yet to be reached.

Since global wireless technology-based chip producer QUALCOMM, Inc. (NASDAQ: QCOM) reached an agrement with Sharp to invest USD 120 million to take a 5% stake in the latter on December 4, 2012, shares of Sharp once continued surging to JPY 372 in mid-December last year. Although the share price falls to around JPY 300 at present, it has already surged by about one time compared with the minimum price reported last September.

A management in Sharp, who previously predicted that the company may suffer net loss of USD 5.62 billion in the fiscal year 2012, also stated recently that the performance in the fourth quarter of last year was better than expected. This also helped raise the company's status in negotiating with Hon Hai and other potential investors like Intel Corporation (NASDAQ: INTC).

Source: www.nf.nfdaily.cn (January 11, 2013)

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