Sharp (SHCAY.PK) plans to sell a 9.9% stake to contract manufacturing giant Foxconn (HNHAF.PK)...

|About: Sharp Corp. ADR (SHCAY)|By:, SA News Editor

Sharp (SHCAY.PK) plans to sell a 9.9% stake to contract manufacturing giant Foxconn (HNHAF.PK) at an 11% premium to today's close, as well as a 46.5% stake in its display unit to Foxconn's founder. Apple (AAPL) might just have something to do with this tie-up: Foxconn is Apple's biggest contract manufacturer, and Sharp is both a display supplier to Apple and the rumored manufacturer of the iTV.