Hon Hai CEO says Sharp to decide on investment within week
TAIPEI: Taiwan's Hon Hai Precision Industry Co said on Sunday that it was confident of its offer for Sharp Corp and expected the struggling Japanese electronics maker to come to a decision on the issue within the week.
The comments by Terry Gou, chief executive of the world's largest contract electronics manufacturer, came after he met with Sharp's board on Saturday in Japan.
"I am not just bringing capital. I am bringing an entrepreneurial spirit. I am bring a culture of sharing with employees. Those board members thought this was a rather fresh (idea)," Gou told reporters at a company event in Taipei.
He said Hon Hai wanted the Japanese to be part of the management, and that it would keep employees.
Hon Hai, which goes by the trade name Foxconn, would retain the Sharp brand and would not seek to integrate Sharp into other companies, Gou said, adding that the Japanese government welcomes Hon Hai to help stimulate its industry.
"We don't want to destroy this company. We want to keep this company for another 100 years," Gou said. "Working together with us is the right decision."
While his comments on the potential deal were the most detailed to date from Hon Hai, Gou declined to talk about specific figures of Hon Hai's investment proposal due to non-disclosure pacts that the parties have signed.
Gou said he expected Sharp's board will make a final decision before Friday.
When asked about whether Hon Hai could succeed, Gou said: "Yes, I am very confident. We think our terms and conditions are much much better than our competitors."
Hon Hai's rival in the bid for Sharp, a Japanese state-backed fund, said on Friday it had yet to decide on its potential rescue plan for Sharp.
Innovation Network Corp of Japan (INCJ) officials have been discussing a capital injection of more than 300 billion yen ($1.7 billion) into Sharp and up to 350 billion yen of financial assistance from the company's two main lenders, sources have told Reuters.