The deadline for the completion of an investment agreement by and between Foxconn Technology Group and Sharp Corp has passed. The period given was for a year but the two are still in discussion moving forward.
There were funds due from the Taiwanese electronics firm and they were not paid after the deadline. As for Sharp, it would review the terms and conditions as well as the review of the funding methodology.
Last March 27, 2012, Sharp, the maker of the flop Aquos TV display and refriogerators announced that Foxconn would purchase a 9.9% stake worth 66.9 billion yen or US$709 million. The billionaire founder of Foxconn Terry Gou had invested 66 billion yen of his own money in order to purchase a stake in the Osaka based firm's TV panel unit which was later on named Sakai Display Products Corp.
The two companies have been unable to reach a compromise on their differences as to control. There is no agreement expected to be forged in the near future, according to individuals who spoke on condition of anonymity with Bloomberg News.
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