Sharp Says No Payment Has Been Received Form Hon Hai

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Tuesday, March 26, 2013

Sharp Says No Payment Has Been Received Form Hon Hai

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Sharp is not expecting an immediate investment from Taiwan's Hon Hai Precision Industry Co. and will consider other methods of fundraising while continuing talks with the company.

The deadline for Hon Hai Precision Industry Co to buy a stake in Sharp lapsed Tuesday without any deal, ending an agreement forged last year that would have made the Taiwanese firm the No.1 shareholder in the Japanese TV maker.

Sharp said the investment was not received mainly due to an inability to gain regulatory approval.

Sharp has been fighting to keep afloat amid weak demand and competition from its overseas rivals. In March last year, Hon Hai, commonly known as Foxconn, pledged Y66.9 billion to Sharp in exchange for a 10% stake in the Japanese maker of liquid crystal displays.

But the deal stalled following a drop in Sharp's share price, prompting Sharp to look elsewhere. Samsung Electronics and Qualcomm Inc. have agreed to invest about Y10 billion each for stakes of about 3% in the company.

Sharp remains tied to Hon Hai through their joint ownership of the advanced LCD plant in Sakai, western Japan. The companies are also cooperating in smartphones in the Chinese market.