Foxconn raises offer for Sharp to $5.44 billion - WSJ

The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's headquarters in Tucheng, New Taipei city, December 24, 2013. REUTERS/Pichi Chuang/Files (Reuters)

(Reuters) - Taiwan's Foxconn Technology Co Ltd has raised its offer for troubled Japanese electronics maker Sharp Corp to 659 billion yen ($5.44 billion), a deal that would dilute existing stockholders, the Wall Street Journal reported citing people familiar with the matter. Foxconn is not looking to buy out Sharp shareholders. Rather, the company would inject 389 billion yen into Sharp in exchange for new shares, after which it would hold a roughly two-thirds stake, one of the sources told the Journal. ( Foxconn has also offered to buy 225 billion yen worth of preferred shares held by Sharp's two main banks, Mitsubishi UFJ Financial Group Inc and Mizuho Financial Group Inc, people familiar with the matter told the Journal. ($1 = 121.0300 yen) (Reporting By Lehar Maan in Bengaluru)