Junko Yoshida, EETimes
9/21/2012 2:37 PM EDT
NEW YORK -- A Japanese-led consortium is reportedly planning to rescue Renesas Electronics by blocking an attempt by the U.S. private equity firm KKR's to purchase the ailing chip company, Japan's economic journal Nikkei reported Friday (Sept. 21).
The new consortium includes Toyota Motor, Panasonic and a Japanese government-backed fund called the Innovation Network Corp. of Japan (INCJ). The group is reportedly looking to invest more than 100 billion yen (about $1.28 billion), Nikkei reported, with plans to acquire a majority stake in Renesas by the end of 2012.
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