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After long wait, Foxconn's takeover of Sharp gets green light

Left to right, Foxconn Executive Vice President Tai Jeng-wu, Foxconn Chairman Terry Gou and Sharp President Kozo Takahashi.

TAIPEI -- Key iPhone assembler Hon Hai Precision Industry, also known as Foxconn Technology Group, said Thursday that China approved its $3.5 billion acquisition of embattled Japanese conglomerate Sharp, bringing to a close the legal chapter of the Taiwanese contract manufacturer's pursuit of the electronics maker.

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