Taiwan's Foxconn agreed to acquire a two-thirds stake in Japan's Sharp Corp for $3.5 billion (2.4 billion pounds), securing a big discount to its original offer after a month of wrangling over the ailing Japanese electronic maker's potential liabilities.

The deal marks the biggest takeover in Japan's technology industry, but also the end of independence for the 100-year-old company which started out making belt buckles and mechanical pencils.

The following are highlights from Sharp's history

1912 - Founder Tokuji Hayakawa establishes a metal workshop and makes belt buckles. A few years later he starts making mechanical pencils which he calls "Ever Ready Sharp Pencils", from which the company drew its name.

1953 - Company begins mass production of first Japan-made TV sets

1972 - Starts selling copiers

1986 - Launches liquid crystal display division

2000 - Becomes world's largest manufacturer of solar cells, a position it maintains until 2006

2009 - Starts operating new LCD plant in Sakai, near Osaka. It is billed as the world's most advanced LCD plant

2012 - Finances squeezed by massive investments in its Kameyama and Sakai plants while competition from rivals such as South Korea's Samsung Electronics intensifies

Foxconn agrees to take a stake in Sharp at 550 yen a share, but walks away after Sharp warned of losses. Sharp seeks its first bailout from its main lenders Mizuho Financial Group and Mitsubishi UFJ Financial Group

2015 - Seeks its second major bank-led rescue as smartphone display business battered by competition from Asian rivals

Holds talks with state-backed Innovation Network Corporation of Japan for investment, but also receives offer from Foxconn

2016 - Sharp chooses Foxconn as preferred bidder in early February, launching months of negotiations