Sharp exec says Foxconn deal to soon receive China approval: Jiji

[TOKYO] A plan by Taiwan's Foxconn to acquire Japan's Sharp Corp is set to be approved soon by the Chinese government, a Sharp executive was quoted as saying by Jiji news.

Foxconn, formally known as Hon Hai Precision Industry Co, is investing around US$3.5 billion for a two-thirds stake in Sharp.

The Nikkei had previously reported that the closing of the deal was being thwarted by a time-consuming antitrust review in China.

REUTERS