(Telecompaper) Foxconn has offered about JPY 625 billion (USD 5.3 billion) to take over Sharp, people familiar with the matter told the Wall Street Journal. Sharp is set to review a competing offer from Innovation Network Corp of Japan, a government-backed investment fund. An unnamed source told the paper that the fund was weighing a bid of around JPY 300 billion; this figure was earlier reported by the Nikkei newspaper. Japanese officials have expressed concern about letting Sharp come under foreign control due the company's key technology in display panels. Innovation Network already owns a controlling stake in Japan Display, another major display maker. Foxconn is offering more money for Sharp and a willingness to shoulder all of its debt, people familiar with the offer said. Those conditions are meant to persuade Sharp's creditors to make a decision based on the economics of the deal, rather than political considerations, according to the report.