TAIPEI – Foxconn plans to buy Sharp by the end of the month, chairman Terry Gou said, according to published reports.

Gou said a final agreement hasn’t been reached because of a legal issue but said the deal is 90% complete. In a statement, Sharp said negotiations continue, and Foxconn’s proposal remains valid until Feb. 29.

This is expected to be one of the largest foreign takeovers of a Japanese firm. Some government officials have been looking for a domestic buyer in order to ensure Sharp’s technology stays in Japanese hands.

Financial terms of the deal under discussion were not disclosed, but insiders reportedly say Foxconn is offering a package worth $5.5 billion.

Gou said the electronics manufacturer would keep Sharp largely intact and maintain its brand, with the possible exception of Sharp’s solar panel business.

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