At the Hon Hai Precision’s annual shareholders’ meeting, Foxconn CEO Terry Gou reportedly urged consumers to wait for the launching of the iPhone 5 while pointing out that the next generation iPhone will put the Samsung’s Galaxy S3 to shame. The CEO, however, did not divulge details about the purported iPhone 5. China Times quoted Gou saying “Samsung has a track record of snitching on its competitors” and that he has made it his lifetime goal to defeat Samsung. During the meeting, Gou also announced a joint venture deal with Japanese consumer electronics magnate Sharp that, according to the CEO, will allow Foxconn to beat Samsung in three to five years.

Gou said that the new partnership will help Foxconn upgrade its competitiveness in the tight display panel business. Foxconn will reportedly acquire a 46.5 percent stake under his own name in Sharp’s Sakai-based 10th-generation LCD panel plant for $800 million. Interestingly, Gou mentioned that the Sakai plant also has an exclusive agreement with Corning, the maker of Gorilla Glass, and said that competitors will not be able to secure any such material if they wished to. “I respect the Japanese and especially like their execution and communication styles. Unlike the Koreans, they will not hit you from behind,” Gou asserted.

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