Sharp shares up more than 10 percent after Foxconn completes stake purchase

Sun Aug 14, 2016 8:28pm EDT
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TOKYO (Reuters) - Shares of Sharp Corp (6753.T: Quote) soared more than 10 percent in early trade on Monday after the company said that Taiwan's Foxconn (2317.TW: Quote) completed its takeover.

Sharp on Friday said that Foxconn completed the 388.8 billion yen ($3.84 billion) purchase, bringing Foxconn's stake to 66.07 percent

Sharp jumped as high as 17 percent to 124 yen, the highest since June 24.

($1 = 101.2700 yen)

(Reporting by Ayai Tomisawa; Editing by Stephen Coates)

A man walks past Sharp Corp's liquid crystal display monitors showing the company logo in Tokyo, Japan, February 25, 2016. REUTERS/Yuya Shino