Japan state-backed fund INCJ to sell part of stake in Renesas: NHK
TOKYO (Reuters) – A Japanese state-backed fund plans to sell part of its stake in Renesas Electronics Corp, giving the chipmaker more freedom to make acquisitions as it seeks to bolster its global competitiveness, public broadcaster NHK reported.
The fund, Innovation Network Corp of Japan (INCJ), will reduce its stake to around 33 percent from 45.6 percent, NHK said on Tuesday, without citing sources.
INCJ plans to sell the shares through the market, according to the NHK report.
Renesas shares dived 8 percent following the report.
Representatives for INCJ were not immediately available for comment.
INCJ rescued cash-strapped Renesas in 2013 with an investment of 150 billion yen ($ 1.4 billion), and had received 69 percent of the chipmaker, but whittled down its stake as the company regained its footing.
Last month, INCJ agreed to sell a 4.5 percent stake in Renesas to auto parts supplier Denso Corp.
Renesas last year bought U.S. chipmaker Intersil Corp for $ 3.2 billion and its chief executive said it was constantly reviewing its list of potential acquisition targets.
Reporting by Chris Gallagher; Editing by Subhranshu Sahu and Sherry Jacob-Phillips