Foxconn is reportedly closing in on the acquisition of Japanese tech company Sharp, which could help make the manufacturer a major tech player.
We previously reported on claims that Foxconn was bidding for troubled Japanese tech company Sharp towards the end of January. Now fresh reports claim that the Taiwanese manufacturer has plans to use the acquisition to help it join the tech company elite.
Of course, the Taiwanese company is already a giant of the tech world in a very real sense. If you own an iPhone or an iPad, the chances are much of it was assembled in a Foxconn factory.
According to Bloomberg, however, Foxconn wants to be more than just a background player. It wants to join the likes of Samsung and Apple at the big consumer tech table, offering products and complete components as well as efficient production lines.
This follows the news that Foxconn is now in pole position to take over Sharp, after a rival bid from a Japanese government-backed party was reportedly dismissed. The Wall Street Journal claims that Foxconn's $5.5 billion bid was so big, it's now entering exclusive talks concerning a takeover. The aforementioned rival offer amounted to just $2.5 billion.
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If all goes to plan, Foxconn will suddenly find itself with a varied consumer goods portfolio on its hands, including white goods and solar panels.
In addition to giving Foxconn a consumer brand to call its own, the acquisition of Sharp will give the company valuable expertise in display technology. While Foxconn has a large hand in the manufacturing of smartphone components, it doesn't currently count screen technology among its services.