Foxconn agrees to buy Sharp after slashing original offer

March 30, 2016 8:38 AM

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TOKYO/TAIPEI Taiwan's Foxconn agreed to acquire Sharp Corp at a big discount to its original offer after a month of wrangling that sowed more doubts over whether the two companies can work well together and fend off fierce competition from smartphone display rivals.

Foxconn, formally known as Hon Hai Precision Industry Co, will pay about $3.5 billion for a two-thirds stake, nearly $900 million less than its initial offer, the companies said.

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