​Samsung sells Sharp shares after Foxconn deal: Report

Samsung has unloaded its shares of Sharp three years after it bought them following Taiwanese contract maker Foxconn's purchase of the Japanese electronics giant, according to a local report.

Samsung Electronics has sold all its shares of Sharp after the Japanese electronics giant closed its acquisition deal with Taiwanese contract maker Foxconn, reports Nikkei Asian Review.

The South Korean tech giant owned a 0.7 percent take, or approximately 35.8 million shares. Based on Wednesday's closing price of 128 yen, the firm is selling all its shares for $45 million.

Samsung invested 10.4 billion yen, or around $100 million, in Sharp in March 2013 and held a 3 percent stake then, making it its fifth-largest shareholder.

The drop in stakes is a direct result of Foxconn's investment.

Last month, the Taiwanese contract maker, best known for assembling Apple's iPhones, closed the $3.5 billion deal of its takeover of Sharp.

During negotiations earlier in the year, it was reported Samsung may put in a rival bid for the Japanese display maker.

Samsung buys large-sized LCD TV panels for its premium products from Sharp's factory in Sakai, Osaka, a joint venture with Foxconn.

Sharp and other Japanese display makers lost out to Korean and Taiwanese counterparts in the mid-2000s, but it still owns valuable assets in core technology patents and factories.

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