Foxconn cleared by authorities to buy Sharp

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.