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Sharp to embark on turnaround under Foxconn

OSAKA -- Hon Hai Precision Industry's board approved Wednesday a plan to acquire Japan's Sharp at a reduced price, paving the way for the ailing electronics maker to resume growth under a revamped management team.

     The Japanese company's board agreed the same day to accept the 388.8 billion yen ($3.45 billion) investment from the Taiwanese contract manufacturer also known as Foxconn. The proposal is around 100 billion yen smaller than one Sharp agreed to in late February. Foxconn and its group companies will take around a 66% stake in the Japanese company. The deal will be inked Saturday, when Foxconn Chairman Terry Gou and Sharp President Kozo Takahashi will hold a news conference in Sakai, Osaka Prefecture, where Sharp is based.

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