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CORRECTED-Renesas jumps 5 pct on report of shareholder bailout approval
November 26, 2012 / 12:25 AM / in 5 years

CORRECTED-Renesas jumps 5 pct on report of shareholder bailout approval

(Corrects Hitachi, NEC support to 1 billion yen each, not 10 billion yen)

TOKYO, Nov 26 (Reuters) - Japan’s embattled Renesas Electronics Corp jumped more than 5 percent on Monday after the Nikkei newspaper said its major shareholders had approved the chipmaker’s bailout by a government fund and eight manufacturers.

The deal, to be announced early December, will provide Renesas with a combined 200 billion yen ($2.4 billion), which includes the government fund taking a two-thirds stake in the chipmaker for 180 billion yen, the Nikkei said.

Renesas shares were up 5.9 percent at 306 yen, compared to a 1.1 percent rise for Tokyo’s benchmark Nikkei.

The Nikkei report also said Renesas will receive an additional 1 billion yen each in support from Hitachi Ltd and NEC Corp, both major shareholders of the chipmaker.

$1 = 82.3700 Japanese yen Reporting by Mari Saito; Editing by Edwina Gibbs

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