October 12, 2016 / 11:36 AM / a year ago

Foxconn unit in advanced talks to buy stake in S&T

Oct 12 (Reuters) - Austrian IT group S&T AG said Taiwan’s Ennoconn, an arm of the world’s largest contract electronics manufacturer Foxconn, is in advanced talks to take a near 30 percent stake.

S&T said in a statement on Wednesday that it will issue new shares that will be bought by Ennoconn, amounting to a 10 percent stake and Ennoconn will buy more shares from S&T’s major shareholders to raise its stake to nearly 30 percent.

S&T said it plans to use the capital from the Ennoconn deal to buy a 29.9 percent stake in German embedded computer technology provider Kontron.

Kontron shares jumped 9 percent, while S&T shares fell sharply in heavy afternoon trade. (Reporting by Sylwia Lasek in Gdynia; Editing by Susan Fenton)

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