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Hon Hai buys a stake in SK C&C; shares hit multi-year highs

30
Jun
2014

By Faith Hung and Joyce Lee TAIPEI (Reuters) – Hon Hai Precision, the worlds biggest electronics component maker, said on Monday it had bought a 4.9 percent stake in South Korean IT services firm SK CC for 381 billion won ($376.59 million). The move marks Hon Hais second merger in less than two months as part of a broader effort to diversify away from the contract manufacturing business. Hon Hai, the major supplier of iPhones and iPads, paid 155,500 won per share for the stake, which was for long-term investment, according to a company statement. SK CC said in a separate regulatory filing that Chey Tae-won, the chairman of SK Holdings and biggest shareholder of SK CC, was the seller.

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