Foxconn offers $5.3 billion for Sharp, plans to keep management: WSJ

Taiwan's Hon Hai Precision Industry Co has offered 625 billion yen ($5.3 billion) to buy Sharp Corp and has no plans to replace top management, a gesture aimed at reassuring Japanese authorities worried about an overseas takeover, the Wall Street Journal reported. Shares in the embattled electronics maker, which is considering a separate proposal from a state-backed fund, the Innovation Network Corporation of Japan (INCJ), jumped more than 20 percent after the report. Sources have told Reuters t