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Renesas rose 5% on reports of shareholder bailout plan


13:22, November 26, 2012

TOKYO, Nov. 26 (Xinhua) -- Japan's struggling Renesas Electronics Corp rose more than 5 percent on Monday after the Kyodo reported that its major shareholders had approved the chipmaker's bailout plan by a government fund and eight manufacturers.

The bailout plan which will provide Renesas with a total 200 billion yen (about 2.4 billion U.S. dollars), is expected to be finalized in early December, according to Kyodo citing sources.

The basic deal has been struck between the fund and the three top shareholders, Hitachi, NEC Corp. and Mitsubishi Electric Corp.

Under the plan, the fund will invest about 180 billion yen and acquire around two-thirds of Renesas' shares. The rest will be acquired by the chipmaker's eight major clients, including Toyota Motor Corp. and Panasonic Corp, said Kyodo.

Renesas is a leading Japanese maker of microcontrollers and other semiconductor products.

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