Oman Observer

Taiwan’s Foxconn says Toshiba deal ‘not over’

New Taipei City: The head of Taiwan’s tech giant Foxconn said on Thursday its pursuit of Toshiba “is not yet over”, a day after the Japanese firm announced it preferred another group of bidders to acquire its prized chip business.
Foxconn, also known as Hon Hai, is controlled by billionaire Terry Gou and reportedly had Apple as a financial backer in its multi-billion dollar bid for Toshiba’s memory chip unit, seen as crucial for the cash-strapped Japanese firm to turn itself around.
Toshiba said on Wednesday it would hold exclusive talks with a consortium of US, South Korean and state-backed Japanese investors, dashing Gou’s ambitions.
But the Foxconn chairman vowed to keep pursuing the acquisition, saying the Taiwanese firm still has a chance.
“The Toshiba case is not yet over. It is very similar to the Sharp deal,” Gou told shareholders at an annual meeting in New Taipei City.
He was referring to his takeover last year of the Japanese electronics firm for $3.7 billion, a move he described as “really worth it.”
Gou is known for his aggressive deal-making prowess, shown by his dogged determination to acquire Sharp despite concerns over the Japanese firm’s mounting losses.
“We still have a big chance,” he said at Thursday’s meeting of the Toshiba quest, adding there were still “a lot of variables”. The inclusion of Japanese investors in the selected bidding group by Toshiba will ease reported government concerns about losing a sensitive technology to foreign owners. — AFP