January 29, 2016 / 12:31 PM / 2 years ago

Foxconn raises offer for Sharp to $5.44 billion: WSJ

A logo of Sharp Corp is seen on top of its liquid crystal display monitors in Tokyo, Japan, June 23, 2015.Yuya Shino

(Reuters) - Taiwan's Foxconn Technology Co Ltd (2354.TW) has raised its offer for troubled Japanese electronics maker Sharp Corp (6753.T) to 659 billion yen ($5.44 billion), a deal that would dilute existing stockholders, the Wall Street Journal reported citing people familiar with the matter.

Foxconn is not looking to buy out Sharp shareholders. Rather, the company would inject 389 billion yen into Sharp in exchange for new shares, after which it would hold a roughly two-thirds stake, one of the sources told the Journal. (on.wsj.com/1QwXBX7)

Foxconn has also offered to buy 225 billion yen worth of preferred shares held by Sharp's two main banks, Mitsubishi UFJ Financial Group Inc (8306.T) and Mizuho Financial Group Inc (8411.T), people familiar with the matter told the Journal.

Reporting By Lehar Maan in Bengaluru

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