August 15, 2016 / 12:32 AM / in a year

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

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

TOKYO (Reuters) - Shares of Sharp Corp (6753.T) soared more than 10 percent in early trade on Monday after the company said that Taiwan’s Foxconn (2317.TW) 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

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