Sharp has agreed to a takeover by the Taiwanese assembler of the iPhone

The Board of Directors of the Japanese company Sharp, specializing in the production of electronics, approved the sale of the Taiwanese Foxconn Technology Group 700 billion yen (of$6.24 billion). About this newspaper The Wall Street Journal (WSJ) citing sources familiar with the situation.

The Taiwanese company promised not to cut staff and not to change the management of Japanese corporations.

Foxconn is one of the largest suppliers of electronics in the world. It collects the smartphone and other Apple products. According to the WSJ, through the purchase of Sharp Foxconn wants to compete with Samsung, becoming the largest supplier of screens for smartphones.

The Sharp company has existed since 1912, recently, however, incurs losses. In the fourth quarter of 2015, it was reported that its net loss amounted to 24.7 billion yen ($209 million).

Earlier, according to Bloomberg, Foxconn promised for the transaction of 660 billion yen. According to the Agency, the Taiwanese company will control 65.9 per cent Sharp after the transaction.

Another contender for the purchase Sharp was a Japanese public Corporation Innovation Network Corp. of Japan (INCJ). However, she was willing to pay no more than 300 billion yen.

A Samsung spokesperson declined to comment to the publication, Apple had not responded to the request of the newspaper. After reports of a possible transaction Sharp shares fell by 20%.