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Foxconn, Sharp approve $3.5 billion takeover deal

TAIPEI/OSAKA -- The boards of key iPhone assembler Hon Hai Precision Industry (commonly known as Foxconn) and troubled Japanese electronics conglomerate Sharp on Wednesday agreed to a reduced takeover package of 388 billion yen ($3.5 billion). The deal marks a major juncture in the Taiwanese company's ongoing efforts to find a new growth driver at a time when global demand for smartphones is faltering.

     "I am very excited about the strategic alliance between the two companies. I am looking forward to working with everyone at Sharp," said Foxconn Chairman Terry Gou in a statement on Wednesday. "I believe we will work together to develop Sharp's potential and face challenges and achieve breakthroughs together."

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