NEC, Renesas Plan To Merge With Cash Infusion

Law360, New York (September 16, 2009, 5:50 PM EDT) -- NEC Electronics Corp. and Renesas Technology Corp. said they will receive an injection of 200 billion yen ($2.2 billion) from their parent companies, NEC Corp., Hitachi Ltd. and Mitsubishi Electric Corp., as they form a giant semiconductor company.

In an announcement Wednesday Japan-based NEC Electronics and Renesas said they had signed a definitive agreement to merge. Renesas, a joint venture between Hitachi and Mitsubishi, and NEC first signaled their intent to merge in April 2009 and said they hope to finish the deal by April 1,...
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