Taiwan-based electronics component maker Foxconn said that China's Ministry of Commerce, the anti-monopoly authorities, has approved its takeover deal of Sharp, reported China Times on August 12. Under the terms signed in early April, Foxconn agreed to pay 388.8 billion yens (US$3.81 billion; US$1=102 yens) for a 66% stake in Sharp, of which 200 billion yens (US$1.96 billion) will be invested in OLED (Organic Light Emitting Diode) panel development, aiming to start mass production of OLED panels in 2018. With Sharp's advanced panel technology, Foxconn is expected to boost its sales and strengthen its position with major client Apple. After the takeover is completed, Tai Jeng-wu, Vice President of Foxconn, will replace Sharp's current chief executive Kozo Takahashi.