Japanese electronic giant Sharp has accepted a takeover bid from Taiwanese Foxconn, in what will become one of the largest ever acquisitions of a Japanese company by a foreign entity.

The bid, which has been accepted at $4.3 billion, was one in a series of bids made by Foxconn, who have had their eye on struggling company Sharp for a couple of years. Sharp, one of Japan’s oldest companies and once a leader in the technology field, have recently been weighed down with heavy debts and intense competition.

Foxconn, who assemble most of the world’s iPhones, will take control of 65.9 percent of Sharp after beating competition from a Japanese government funded opposing big. Foxconn are mainly interested in Sharp’s liquid display technology, which will be a key asset for the company and start competition with Samsung to provide displays for future iPhones.

Trading in Sharp was paused as the announcement took place, but later continued and tumbled as much as 20% at one point in Tokyo trade.


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