Sharp shares surge more than 10% after Foxconn completes stake purchase

Shares of Sharp Corp soared more than 10 percent in early trade on Monday after the company said that Taiwan’s Foxconn 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.

Source: Reuters