Japan’s Sharp Corp rescued by Taiwan’s Hon Hai

As per media reports, Japanese electronics maker Sharp Corp has opted for a takeover offer from Taiwanese company Hon Hai, also known as Foxconn.

Sharp Corp. agreed to a 700 billion yen ($6.2 billion) rescue deal from Taiwan's Foxconn Technology. It rejected a competing offer from a Japanese government-backed fund (state-backed Innovation Network Corp.

Hon Hai is a major contractor to Apple Inc., assembling products such as iPhones.