Apple Needs Sharp with Foxconn Stake as New IPhone Nears
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Taiwan billionaire Terry Gou built a manufacturing empire that assembles iPhones and iPads. His Foxconn Technology Group may be key to ensuring Sharp Corp.’s survival and a stable supply of components for Apple Inc.
Sharp’s shares collapsed to the lowest level in 37 years in Tokyo and its bonds fell after the maker of Aquos TVs forecast an annual loss of 250 billion yen ($3.2 billion), bigger than the company’s market valuation. That slump prompted Foxconn to announce Aug. 3 it will seek a lower price for its 9.9 percent stake while pledging to forge ahead with the deal.