Sharp says China regulators have OK'd Foxconn acquisition

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 (357 billion yen), with plans to turn around the legendary but struggling Japanese brand.

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

(ASSOCIATED PRESS)