NEC, Renesas seal chip merger
September 16, 2009 //
The merger of Japanese chip groups NEC Electronics Corp and Renesas Technology is back on again, and with the help of about a $2.2 billon injection from the parent firms, NEC, Hitachi Ltd and Mitsubishi Electric Corp.
LONDON The merger of Japanese chip groups NEC Electronics Corp and Renesas Technology is back on again, and with the help of about a $2.2 billon injection from the parent firms, NEC, Hitachi Ltd and Mitsubishi Electric Corp.
Renesas is itself a merger between Hitachi's and Mitsubishi's semiconductor operations.
The proposed merger was first mooted in April but there have been some delays in getting agreement due to the time taken for due diligence on the deal, which was finally sealed Wednesday (September 16).
The merger is set to be operational in April 2010.
The new firm in terms of revenues set to be the third largest in the semiconductors sector, behind Intel of the U.S. and Samsung of South Korea will be called Renesas Electronics Corp after listed NEC Electronics absorbs unlisted Renesas' operations on April 1, the companies said in a statement.
The groups added Renesas President Yasushi Akao will become the president of the merged chip maker.
NEC Corp will be the top shareholder in the merged firm with a 35 percent stake including treasury stock, followed by Hitachi with 30.7 percent and Mitsubishi Electric with 25.1 percent.
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