Home / News / CHINA APPROVES SHARP AND FOXCOON TAKEOVER: GIVING A RISE IN SHARE TO BOTH COMPANIES

CHINA APPROVES SHARP AND FOXCOON TAKEOVER: GIVING A RISE IN SHARE TO BOTH COMPANIES

Sharp rose more than 19% after Foxconn (known as Hon Hai Precision Industry Co. Ltd. trading as Foxconn Technology Group, is a Taiwanese multinational electronics contract manufacturing company headquartered in New Taipei City, Taiwan) said China’s anti-monopoly authorities had approved the deal. The Nikkei 225 index in Tokyo closed 1.1% higher at 16,919.92, boosted by exporters’ shares and a strong performance on US markets.

Wall Street had hit a record high on strong oil and retail stocks. Elsewhere in Asia, the ASX 200 in Australia also traded higher, up 0.4% to close at 5,530.90. In Hong Kong, the Hang Seng was up 0.9% at 22,778.62 points, while the mainland Shanghai composite was 1% higher at 3,027.25.

The gains in China came in spite of fresh data adding to a raft of indicators suggesting the world’s second largest economy remains in the doldrums.

 

In South Korea, the benchmark Kospi index wrapped the day flat at 2,050.46 points. Foxconn will hold a regional sales meeting at its Longhau facility in the Southern Chinese city Shenzhen to discuss how to bolster the Japanese electronic brand’s foothold in China, Taiwan, Hong Kong, Southeast Asia and India.

 

[Information supplied by Asain Review]
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