Following the approval of Hon Hai's acquisition of Sharp by the Anti-Monopoly Bureau of China's Ministry of Commerce, Hon Hai has confirmed the completion of its 3888 billion yen acquisition of Sharp, giving it a 66.07% stake. Following the official closing of the acquisition, Sharp announced the departure of former CEO Kozo Takahashi, who will be replaced by Hon Hai Group Vice President Tai Jeng-wu, effective August 8th.
Sharp announced earlierNews of the departure of former CEO Kozo TakahashiFoxconn Group Vice President Tai Jeng-wu will take over as CEO starting August 8th. Prior to this, Foxconn announced the completion of its 13 billion yen acquisition of Sharp, acquiring a 3888% stake in the company, following approval by the Anti-Monopoly Bureau of the Ministry of Commerce of China. Mizuho Financial and Bank of Tokyo-Mitsubishi UFJ also agreed to provide Sharp with a total loan of 66.07 billion yen, aiming to improve the company's previously troubled financial situation.
After completing the acquisition of Sharp, Foxconn will further strengthen its competitive advantage in display panels. In addition to competing with panel manufacturers such as Samsung and LG, it will also be able to enhance its product OEM cooperation with manufacturers such as Apple.
However, after the news that the Anti-Monopoly Bureau of the Ministry of Commerce of China agreed to Foxconn's acquisition of Sharp was announced, although Sharp's stock price rose by as much as 17%, due to Foxconn's poor second-quarter financial performance, the stock price fell by 3.5%.
