Foxconn seals $3.5 billion takeover of Sharp as executives seek to shake off doubts

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Tai was speaking at a news conference in Sakai, near Sharp's headquarters, along with Foxconn Chief Executive Terry Gou and Sharp President Kozo Takahashi, following the formal signing of Foxconn's takeover of the loss-making Japanese display maker.

After a month of wrangling over price, Foxconn, formally known as Hon Hai Precision Industry Co, this week agreed to take over the loss-making display maker at a big discount to its original offer. Foxconn is set to take a two-thirds stake in Sharp for about $3.5 billion (388.8 billion yen).

Strapped for cash, Sharp sold the building housing its headquarters earlier this year and has been renting out the property.

($1 = 111.6500 yen)

(Reporting by Makiko Yamazaki; Editing by Shri Navaratnam)