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Foxconn owner Hon Hai buying 10 percent stake in Japanese electronics giant Sharp
Taiwan electronics manufacturer Hon Hai Precision Industry Co. is taking a 10 percent stake in struggling Japanese rival Sharp Corp.
Hon Hai, owner of the Foxconn factories in China, is a key producer of iPads and iPhones for Apple Inc., the world's most valuable company.
Sharp and Hon Hai will form an alliance in liquid crystal displays and other electronics sectors to cut costs. Like other Japanese electronics makers, Sharp has struggled in its flat-panel TV business and with a stronger yen.
Sharp is issuing 66.9 billion yen ($806 million) of new shares for Hon Hai to buy.