CLOSING IN:The ￥300bn credit line moves forward Hon Hai’s ￥600bn takeover bid — which has been stalled almost since Sharp’s board agreed to it
Date: Mar 20, 2016
Hon Hai Precision Industry Co (鴻海精密) has reached a basic agreement with Sharp Corp’s banks over a ￥300 billion (US$2.69 billion) line of credit, according to the Yomiuri Shimbun, potentially clearing a hurdle toward a takeover of the Japanese electronics maker.
Under the agreement, Sharp would be able to borrow from its main banks, Mizuho Financial Group Inc and Mitsubishi UFJ Financial Group Inc, if it suffers losses from potential liabilities or needs new investments, the Japanese daily said, without giving the source of the information. [FULL STORY]