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Foxconn takeover of Sharp goes ahead after China approval

2016-08-12 09:23:00| Telecompaper Headlines

(Telecompaper) Taiwan-based Foxconn announced that China's anti-monopoly watchdog has approved its acquisition of Japan's Sharp. Foxconn and Sharp will now move to complete the transaction in accordance with their agreement "as soon as possible", Foxconn said. Foxconn plans to spend JPY 388.8 billion (approximately USD 3.84 billion) to take a two-thirds stake in Sharp. Sharp confirmed it is going ahead with the issue of new shares to Foxconn and its parent company Hon Hai Precision Industry.

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