Sharp Corp. shareholders approved a motion Thursday for the company to be purchased 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% stake in Sharp for 388.8 billion yen about ($3.7 billion) this month, a move that comes after the century-old Japanese company suffered business losses amid pricing competition with foreign rivals, according to Japan's (Kyodo) News Agency. 
"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.