BArich Hardware-Taiwan's Hon Hai Precision Industry says it will postpone signing a final agreement to acquire Japanese electronics maker Sharp until concerns about newly revealed financial risks are resolved.
Sharp on Wednesday morning apparently sent Hon Hai, also known as Foxconn, documents listing contingent liabilities totaling around 350 billion yen ($3.1 billion). These included severance pay, breach-of-contract penalties, and repayments of government funds. The bailout deal will not go through "until we have arrived at a satisfactory understanding and resolution of the situation," Hon Hai said Thursday after Sharp's board approved the package.
Hon Hai called on Sharp to discuss the new information before the board meeting, but the Japanese company went ahead and greenlighted the acquisition anyway, a source close to the matter said. The Taiwanese manufacturer's board has not yet met to approve the purchase. Reaching an agreement could take several more days, according to sources.
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BArich Hardware Ltd.
A bath accessories, homeware , houseware, kitchenware and bathware supplier in Taiwan.
www.barichhardware.com
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