Taiwan-based Foxconn has signed a takeover deal with Japanese electronics giant Sharp.

Foxconn has offered to invest nearly 660 billion yen or 5.9 billion US dollars in Sharp.

Sharp's board earlier concluded a two-day meeting to discuss whether to accept an offer by Foxconn over a rescue by a state-backed investment fund.

The deal comes after five years of courting by Foxconn's CEO Terry Gou, who sees ownership of Sharp as a way to better compete with Asian rivals such as Samsung Electronics.

The CEO says Foxconn will focus on having Sharp transform its technology into products in a speedy and cost competitive way with high quality.

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