NEC Electronics, Renesas Agree to Merge Operations

NEC Electronics Corp. and Renesas Technology Corp. agreed to merge in a deal that may create the world’s third-largest chipmaker.

The terms including ownership ratio should be agreed by the end of July and the transaction completed by April 2010, the companies said today. The chip unit of NEC Corp. and Renesas, the Tokyo-based venture between Hitachi Ltd. and Mitsubishi Electric Corp., made the announcement in a joint statement with their parents.

“Nothing has been decided but because of NEC Electronics’s listed status it’s likely that it will be the surviving company,” NEC President Kaoru Yano told reporters in Tokyo. “We don’t look at it as one company absorbing another.”

Read Full Article from Bloomberg

- Posted: 2009-04-27 08:15:34

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