U.S. fund raises stake in NEC chip unit to 6 pct
TOKYO, Nov 29 (Reuters) - U.S. investment fund Perry Capital has raised its stake in NEC Corp's (6701.T) chip unit to 6.03 percent, according to a document submitted to Japan's financial regulators on Thursday.
Perry raised its stake in NEC Electronics Corp (6723.T) from 5.03 percent in September. That makes the fund in the running to be the chip maker's No. 2 shareholder after parent NEC, which holds 70 percent.
Perry bought NEC Electronics shares on the open market every business day between Nov. 2 to Nov. 28. It now holds 7.45 million shares in the company, purchased at 26.14 billion yen ($237.4 million).
"Perry may at times make proposals to management of firms if it is judged to be appropriate to raise corporate value," Perry wrote in the document.
Perry, which manages over $14 billion in assets, had offered in July to buy an additional 25 percent in the chip unit at 5,000 yen a share from parent NEC. NEC rejected the offer.
Shares of NEC Electronics were unchanged at 3,140 yen at 0400 GMT, while the benchmark Nikkei average .N225 rose 2.4 percent. (Reporting by Mayumi Negishi; Editing by Malcolm Whittaker)
