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Monday, September 03, 2012, 11:56 am PT (02:56 pm ET)

Hon Hai chairman demands management role at Sharp to finalize deal

Terry Gou, the chairman of Hon Hai Precision Industry Co., has demanded a management role at Sharp before his company will agree to invest in the struggling LCD maker.

Gou said in a recent interview that a deal solely offering Hon Hai a capital investment would not be enough, according to Reuters. Hon Hai is the parent company of Foxconn, Apple's main overseas manufacturing partner.

Sharp is rushing to reach a deal with Hon Hai as shares is the company continue to plummet. But Gou has demanded that he be given a management role in Sharp as part of a potential deal, giving him greater influence at the company.

Hon Hai is in talks to buy a 9.9 percent stake in Sharp. It was also revealed last week that Foxconn and Sharp may collectively invest $1 billion in Sharp's Sakai, Japan, plant to boost production for Apple.