Foxconn casts doubt on Sharp deal

Electronics company refuses to finalize agreement due to 'new material'

Just hours after winning a board vote to take control of Japanese electronics maker Sharp Corp, Foxconn Technology Group said in a surprise reversal that it would postpone signing a definitive agreement because of "new material information."

Under an agreement announced by Sharp, Foxconn would control 65.9 percent of Sharp after buying new shares at 118 yen ($1.05) apiece, or 32 percent less than Wednesday's closing price. The company said it won't finalize a deal until the situation with the new information is resolved.