Taiwan’s Foxconn has won approval from China’s anti-monopoly authorities to acquire Japan’s Sharp Corp. in a US$3.8 billion deal.
The companies will now move to complete the transaction as soon as possible, Reuters reports, citing a statement from the world’s largest electronic contract manufacturer.
Foxconn, formally known as Hon Hai Precision Industry Co. plans to spend 388.8 billion yen (US$3.84 billion) to take a two-thirds stake in Sharp.
The company is seeking control of Sharp’s advanced panel technology and strengthen its position with major client Apple Inc.
Foxconn was unable to complete the acquisition in June as planned due to the prolonged Chinese antitrust review, raising fears among investors that the deal might fail and hammering Sharp shares briefly below the planned acquisition price of 88 yen.
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