Foxconn said to bid more than $5B for Sharp

Large contract manufacturer Foxconn has bid to take over ailing Sharp for its display business and manufacturing know-how, according to news reports.

Sharp, which has had to take the help of banks frequently, is said to be set to consider a review of a competing offer from the Japanese government-backed Innovation Network Corporation of Japan, which could be favored because of the government's interest in keeping the company in local hands and protecting jobs.

Foxconn, which assembles products for a number of companies including Apple, has bid 625 billion yen (US$5.3 billion), according to The Wall Street Journal, while Bloomberg said the offer was slightly lower at about 600 billion yen, both quoting people familiar with the matter. The company could not be immediately reached for comment.

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