Japan-Backed Fund To Lead $1.8B Renesas Bailout

Law360, New York (December 10, 2012, 3:41 PM EST) -- A public-private investment fund backed by the Japanese government said Monday it has agreed to a 150 billion yen ($1.8 billion) bailout package for beleaguered chipmaker Renesas Electronics Corp., out-bidding U.S. private equity giant Kohlberg Kravis Roberts & Co. LP.

The Innovation Network Corp. of Japan, which has roughly 2 trillion yen in available investment capital, said it would acquire a controlling stake in Renesas along with several of Japan's largest engineering and electronics firms. The deal is subject to approval by Renesas shareholders and already has...
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