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Sharp jumps 8 percent after Hon Hai deal
March 29, 2012 / 12:20 AM / 6 years ago

Sharp jumps 8 percent after Hon Hai deal

TOKYO (Reuters) - Japan’s Sharp Corp (6753.T) surged more than 8 percent in heavy trade on Thursday after it said this week it will issue shares worth $808 million to Taiwan’s Hon Hai Precision Industry (2317.TW).

A man walks past Sharp's television sets at an electronic shop in Tokyo March 19, 2012. REUTERS/Kim Kyung-Hoon

Sharp was up 8.3 percent at 616 yen after remaining untraded through Wednesday’s session and ending up more than 15 percent. It was the heaviest traded stock by turnover on the main board.

The struggling LCD maker’s issue of 66.9 billion yen ($808 million) worth of shares will give Hon Hai, the main manufacturer of Apple (AAPL.O) devices, a stake in Sharp of around 11 percent, making it Sharp’s top shareholder.

Reporting By Mari Saito; Editing by Edmund Klamann

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