Sharp says China regulators approve Foxconn acquisition

BEIJING, China – Japan’s Sharp Corp. says China has become the final government to approve the acquisition of the Japanese electronics maker by the Taiwanese company that assembles Apple’s iPhones and the tie-up will go ahead soon.

Sharp says China’s anti-monopoly agency approved the acquisition by Foxconn and “all examinations by the competition authorities of the relevant countries have been completed.” It said a share issue to complete the transaction would take place “as soon as possible.”

Foxconn agreed in March to acquire Sharp for $3.5 billion, with plans to turn around the legendary but struggling Japanese brand.

It was the first foreign takeover of a major Japanese electronics producer.