Foxconn clears China's anti-monopoly review for $3.8 bln deal with Sharp

[Reuters] – Taiwan’s Foxconn said on Thursday China’s anti-monopoly authorities approved its acquisition of Japan’s Sharp Corp, paving the way for the world’s largest contract electronics manufacturer to seal a $3.8 billion deal. With all necessary regulatory reviews complete, Foxconn and Sharp “will now move to complete the transaction in accordance with our agreement as soon as possible,” the Taiwanese company said in a statement. Seeking control of Sharp’s advanced panel technology and to strengthen its position with major client Apple Inc, Foxconn, formally known as Hon Hai Precision Industry Co, plans to spend 388.8 billion yen ($3.84 billion) to take a two-thirds stake in Sharp.
Source: New feed