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Sharp confirms talks with Foxconn, Innovation Network
2016-02-04 09:11:00| Telecompaper Headlines
(Telecompaper) Sharp has confirmed talks with Hon Hai Precision Industry and Innovation Network Corp of Japan on a possible investment in its LCD panel business. The companies are in negotiations, and Sharp said it aims to pick a definitive partner in around a month. According to the latest media reports, Hon Hai, the owner of Foxconn, has offered the most to Sharp, with a capital injection that would give it around two-thirds of Sharp's shares. However, the Japanese state is pushing its own vehicle, the Innovation Network Corp, which has invested in other Japanese tech companies in an effort to maintain the local industry. The announcement cam alongside Sharp's latest quarterly results, showing revenues down 13.0 percent year-on-year to JPY 663 billion. The net loss for the three months to December doubled to JPY 24.7 billion from JPY 11.9 billion a year ago, and the operating result was a loss of JPY 3.8 billion versus a profit of JPY 22.0 billion a year earlier.
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Category:Telecommunications