ANNOUNCEMENT 10 Dec 2012In December 2012, the government of Japan announced a change in private-sector financial support.
NUMBER OF INTERVENTIONS
INCJ, News Release: http://www.incj.co.jp/PDF/e_20121210-1.pdf
Renesas, News Release: http://www.renesas.eu/press/news/2000/news20121210a.jsp
On 10 December 2012, the Innovation Network Corporation of Japan (INCJ) announced its decision to lead the creation of a (government-backed) consortium to gather JPY 150bn ($1.8bn) and invest in the struggling Japanese chipmaker Renesas Electronics Corp. The INCJ and the consortium will underwrite the issuance of new shares, acquiring 75% (69.2% to the INCJ alone) of the total shares issued and outstanding in Renesas.
The funding is provided with the aim of stimulating Renesas' growth and an additional Ą50bn ($0.6bn) are also available, should further capital be necessary.
The INCJ is a public-private partnership established in July 2009 with the aim of providing financial, technological and management support for businesses in Japan.