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Japanese Group May Try to Block Renesas Sale
A Japanese government fund may lead a group of several domestic companies in an attempt to block the sales of a controlling stake in chipmaker Renesas Electronics Corp. to New York City-based private equity fund KKR & Co.
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A Japanese government fund may lead a group of several domestic companies in an attempt to block the sales of a controlling stake in chipmaker Renesas Electronics Corp. to New York City-based private equity fund KKR & Co. LP, according to the Japanese press.
The consortium, which is led by Innovation Network Corp. of Japan, reportedly is considering investing more than 100 billion yen ($1.3 billion) in a counter-bid.
Participants such as Canon, Denso, Honda, Nissan, Toyota and Panasonic want to ensure a stable supply of microcontroller chips, The Nikkei reports. The chips are used by the auto industry in everything from engine controllers and navigation systems to instrument panels and power windows.
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