Sharp shares slide after deal with Foxconn in doubt

Thomson ReutersThe logo of Sharp Corp is seen at Tochigi plant in Yaita

TOKYO (Reuters) – Shares of Sharp Corp slid in early trade on Friday after Taiwan’s Foxconn said it was delaying the signing of a deal to take over the electronics maker until it had clarified “new material information” from the Japanese firm.

As of 0007 GMT (7.07 p.m. ET) the stock was down 12 percent at 132 yen. It closed down 14 percent on Thursday ahead of Foxconn’s statement.

Sources told Reuters that Foxconn had put the takeover on hold after discovering previously undisclosed contingent liabilities that amounted to “hundreds of billions of yen”.

(Reporting by Chris Gallagher; Editing by Edwina Gibbs)

Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.