China's Ministry of Commerce Approves Foxconn Takeover of Sharp - Energy Watch News


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. Under the deal Foxconn and Sharp signed in early April, Foxconn and its affiliates will acquire a 66% stake in the Japanese company for $3.5 billion. Foxconn and Sharp agreed that the deadline for the payment to conclude the acquisition will be on Oct. 5, 2016. http://www.ledinside.com

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