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By TAKASHI MOCHIZUKI – TOKYO—IPhone assembler Foxconn Technology Group completed its $3.8 billion deal to buy electronics maker Sharp Corp. on Friday, setting the stage for Taiwanese tycoonTerry Gou to rework the troubled Japanese company.

Osaka-based Sharp said it received a ¥388.8 billion ($3.81 billion) cash infusion from Foxconn, formally known as Hon Hai Precision Industry Co., on Friday. In return, the Taiwanese contract electronics assembler assumed a 66% stake in Sharp.

Sharp’s chief executive, Kozo Takahashi, resigned Friday, with Mr. Gou’s right-hand man, Tai Jeng-wu, set to step in. Sharp’s board met Saturday and named him the new chief executive.

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