| ||Thread Tools|
|3rd April 2018, 14:54||#1|
Join Date: May 2010
Renesas loses a big chunk of state support
Could allow it to make acquisitions
Japanese chipmaker Renesas Electronics said a state-backed fund and other shareholders would reduce their stakes in the Japanese chip maker, in a sale worth $2.8 billion.
The Innovation Network of Japan will reduce its stake to 33.4 percent from 45.6 percent, a Renesas spokeswoman said. Hitachi will cut its stake to 3.7 percent from 5.6 percent and NEC will lower its holding to 4.3 percent from 6.4 percent
Renesas shares were down 10 percent after the announcement, their lowest since July last year. However it would appear that the reduction will allow the chipmaker management greater freedom to make acquisitions as it seeks to bolster its global competitiveness.
Innovation rescued cash-strapped Renesas in 2013 with an investment of $1.4 billion, and received 69 percent of the chipmaker, but has whittled down its stake as the company regained its footing.
Last month, INCJ agreed to sell a 4.5 percent stake in Renesas to auto parts supplier Denso. Renesas last year bought US chipmaker Intersil for $3.2 billion and its chief executive said it was constantly reviewing its list of potential acquisition targets.
Renesas was created in 2010 from a merger of NECís chip division and Renesas Technology, which itself was established through a merger of the chip units of Hitachi and Mitsubishi Electric .
|Thread||Thread Starter||Forum||Replies||Last Post|
|SoftBank buys big chunk of Nvidia||Stefan Mileschin||WebNews||0||29th May 2017 08:47|
|SoftBank rumoured to sell a chunk of ARM||Stefan Mileschin||WebNews||0||13th March 2017 09:21|
|Polaroid's Pop is a friendly chunk of a camera||Stefan Mileschin||WebNews||0||11th January 2017 05:05|
|Woe never ends for Renesas||Stefan Mileschin||WebNews||0||4th September 2014 06:49|
|Google Play Books for Android temporarily loses PDF upload support||Stefan Mileschin||WebNews||0||23rd December 2013 14:18|
|Microsoft Comments on State of Direct3D, Mantle Support||Stefan Mileschin||WebNews||0||16th October 2013 08:07|
|Renesas reaches for the Rennies||Stefan Mileschin||WebNews||0||4th October 2012 09:17|
|Renesas might be saved by Toyota and Japan||Stefan Mileschin||WebNews||0||24th September 2012 08:36|
|Renesas goes cap in hand to shareholders||Stefan Mileschin||WebNews||0||1st June 2012 06:36|
|Engineering Windows 7: Support and Q&A for Solid-State Drives||jmke||WebNews||2||8th May 2009 16:10|