Sharp Corp. shareholders on Thursday approved the company's purchase by Taiwan's Hon Hai Precision Industry Co., making it the first major Japanese electronics manufacturer to come under foreign ownership.
Hon Hai, better known by its trade name Foxconn, is set to acquire a 66 percent stake in Sharp for ¥388.8 billion this month.
"We will accelerate our efforts for revitalization and growth with the strategic alliance with Hon Hai," Sharp President Kozo Takahashi said at the shareholders' meeting in Osaka.