Foxconn to buy all 200 billion yen preferred shares from Sharp's creditor banks - source

Foxconn to buy all 200 billion yen preferred shares from Sharp's creditor banks - source

Taiwan's Foxconn plans to buy all 200 billion yen ($1.78 billion) worth of the preferred shares owned by Sharp Corp's two major creditor banks, a source familiar with the matter said on Wednesday.

Foxconn, formally known as Hon Hai Precision Industry Co, plans to complete the purchase by June 2019, the source told Reuters.

The Taiwanese company had initially planned to purchase about half of the preferred shares owned by the core banking units of Mitsubishi UFJ Financial Group Inc and Mizuho Financial Group Inc.