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Hon Hai shares surge 7pc on Sharp stake deal

Shares of Apple supplier Hon Hai Precision Industry surged 7 percent a deal with Sharp Corp that will make it the largest shareholder in the Japan’s biggest LCD maker.

Hon Hai also announced on Tuesday that the company, together with related firms, would take an 11 percent stake in Sharp.

Sharp will issue shares worth USD808 million to Hon Hai as part of a tie-up in liquid crystal display production aimed at reversing losses at the Japanese firm from declining TV sales.  

(Source: CNBC)