Deals
Sharp Extends Gain After Foxconn Completes Capital Injection
- Shares climb 31.5 percent over two days after deal completed
- Sharp President Takahashi steps down, replaced by Tai Jeng Wu
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Sharp Corp. climbed in Tokyo after completing the sale of a stake to Foxconn Technology Group, ending a four-month wait for the cash-strapped Japanese maker of flat panel televisions.
The shares jumped 10 percent to 117 yen in Tokyo on Monday. The stock has risen 31.5 percent in the past two days, the biggest two-day gain ever. The Osaka-based company also received a 300 billion yen ($2.96 billion) commitment line from its lenders.