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Foxconn Signs Deal, Ending Sharp's Century of Independence

  • Agreement follows four-year pursuit of Japanese company
  • Foxconn paid 100 billion yen deposit to Sharp on March 31
Terry Guo and Tai Jeng-wu (pose with Kozo Takahashi during a press conference in Osaka, Japan, on April 2. Sharp agreed to be bought by Taiwanese multinational Hon Hai Precision, the world's biggest electronics supplier. / AFP / JIJI PRESS / STR / Japan OUT (Photo credit should read STR/AFP/Getty Images)

Terry Guo and Tai Jeng-wu (pose with Kozo Takahashi during a press conference in Osaka, Japan, on April 2. Sharp agreed to be bought by Taiwanese multinational Hon Hai Precision, the world's biggest electronics supplier. / AFP / JIJI PRESS / STR / Japan OUT (Photo credit should read STR/AFP/Getty Images)

Photographer: STR/AFP/Getty Images
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Sharp Corp.’s President Kozo Takahashi and Foxconn Technology Group’s Chairman Terry Gou formally signed a rescue deal on Saturday, ending a takeover drama that spanned four years of often difficult negotiations.

Takahashi and Gou, flanked by the flags of Taiwan and Japan, shook hands in front of more than 300 reporters gathered at the Osaka-based company’s Sakai plant. The parent of Hon Hai Precision Industry Co. is paying 389 billion yen ($3.5 billion) for a controlling stake in Sharp.