October 13, 2016 / 7:46 AM / 10 months ago

Foxconn buys S&T shares in capital hike

The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's headquarters in New Taipei City, Taiwan March 29, 2016.Tyrone Siu/File Photo

FRANKFURT (Reuters) - Taiwan's Ennoconn, part of the world's largest contract electronics manufacturer Foxconn, has bought new shares in Austrian IT group S&T AG from a 10 percent capital increase and will further raise its holding to 29.4 percent, S&T said.

S&T said on Thursday it would use the funds from the capital increase to buy a 29.9 percent stake in German computer maker Kontron, adding it had no plans to buy further shares in the group or make a full takeover offer.

S&T said it saw important synergies in a relationship with Foxconn and Kontron, without providing financial details.

"Using S&T's software engineering resources, the three companies have the potential to be a world leader in the fields of Internet of Things and Industry 4.0," it said.

Reporting by Maria Sheahan; Editing by Edward Taylor

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