December 7, 2016 / 10:52 AM / in 2 years

S&T CEO says full takeover by Foxconn possible: magazine

The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's headquarters in New Taipei City, Taiwan March 29, 2016. REUTERS/Tyrone Siu/File Photo

FRANKFURT (Reuters) - Taiwan’s Foxconn, the world’s largest contract electronics manufacturer, could take over Austrian IT group S&T AG, S&T’s chief executive told a German magazine.

“If we develop poorly and our share price falls significantly I expect that Foxconn will do a full takeover,” weekly magazine WirtschaftsWoche quoted Hannes Niederhauser as saying in an interview in its BoersenWoche newsletter.

Foxconn unit Ennoconn raised its holding in S&T to 29.4 percent in a capital increase in October.

Reporting by Maria Sheahan; Editing by Christoph Steitz

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