Taiwan's Hon Hai Precision Industry Co (2317.TW) is set to offer to invest about 700 billion yen ($5.9 billion) in Sharp Corp (6753.T), the Yomiuri daily reported, upping its proposal and sending shares in the troubled Japanese display maker soaring.
Hon Hai, also known as Foxconn, could make the offer, its final proposal, as early as Friday, the Japanese newspaper said on Friday. It had previously proposed a maximum 500 billion yen investment, the Yomiuri said.
The report sent shares in Sharp soaring as much as 18 percent in morning trade. Hon Hai and Sharp declined to comment.
Sharp has been considering for months various ways to secure its future, including investment from Hon Hai, sources familiar with the situation have said. But Japanese state-backed fund Innovation Network Corp of Japan (INCJ) has been seen as a more likely investor. read the rest here