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Hon Hai acquires controlling stake of Chi Mei Communication.
(From China Post)
Hon Hai Precision has acquired a controlling stake in the mobile-phone arm of Chi Mei Corp. for NT$2.5 billion, adding impetus to its expansion of the higher-margin segment.
Hon Hai, Taiwan's largest electronics manufacturer, said Friday it had purchased a 56.48 percent stake in Chi Mei Communication Systems Inc. through its affiliate Transworld Holdings Ltd.
Hon Hai paid NT$29.5 a share for the stake in Chi Mei Communication, according to a statement filed with the Taiwan Stock Exchange website.
The price is 1.6 times Chi Mei Communication's net worth, at NT$18.17 per share, according to a Central News Agency report. …
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