China's Ministry of Commerce Approves Foxconn Takeover of Sharp

Major iPhone assembler Hon Hai Precision Industry, or also kn0own as Foxconn Technology Group announced the Chinese government finally gave it the green light to approve Japanese conglomerate Sharp for US $3.5 billion, reported Nikkei Asian Review.

Foxconn’s original time schedule was to start injecting funds into Sharp by the end of June, but deal was pushed back after China’s Ministry of Commerce took a longer time to finish its antitrust assessment. The agency did approve the takeover within a three-month review deadline.

Under the deal Foxconn and Sharp signed in early April, Foxconn and its affiliates will acquire a 66% stake in the Japanese company for 388.8 billion Japanese yen (US $3.5 billion), where 200 billion yen will be put aside for OLED panel developments, which Apple is rumored to adapt in next generation iPhones in 2017.

Foxconn and Sharp agreed that the deadline for the payment to conclude the acquisition will be on Oct. 5, 2016.

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