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China: Approves Foxconn’s acquisition of Sharp

 |  August 11, 2016

The estimated $3.84 billion deal is now in the works.

Taiwan’s Foxconn said on Thursday China’s anti-monopoly authorities approved its acquisition of Japan’s Sharp, 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 AAPL -0.06% , Foxconn, formally known as Hon Hai Precision, plans to spend $3.84 billion to take a two-thirds stake in Sharp.

Full Content: Fortune

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