The Wall Street Journal reports Chinese antitrust authorities approved Foxconn Technology Group’s deal to buy troubled Sharp Corp., clearing the final hurdle to one of the biggest takeovers of a Japanese electronics company by a foreign firm. The news on Thursday came as Apple Inc. assembler Foxconn, formally known as Hon Hai Precision Industry Co., reported a 31% decline in second-quarter net profit as iPhone sales fell in a maturing smartphone market. Under the terms of the takeover, announced in March, Taiwan-based Foxconn is to pay 388.8 billion yen ($3.8 billion) for about two-thirds of Sharp. Foxconn said net profit for the three months ended June 30 fell to 17.7 billion New Taiwan dollars (US$566 million) from NT$25.7 billion a year earlier.

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