Renesas Electronics Corp is a Japanese semiconductor maker headquartered in Tokyo established on November 2002. On Monday, the company had received JPY150 billion worth of bailout aid pledged by a government fund. The company's major customers also pledged for the bailout fund to help Renesas for its restructuring efforts. Japan Trustee Services Bank is the biggest shareholder of the company with 32.43% holding.
The company's major customers that helped in the bailout fund included Toyota Motor Corp, Nissan Motor Co Ltd. and Panasonic Corp. The said companies gave JPY12 billion through a third party share allocation. The rest was contributed by the government led fund.
Renesas was hit by competitors including Samsung Electronics Co Ltd. The company's orders from clients slumped as Renesas faced tough competition. The lifeline for Renesas was given last December from the government led fund. The bailout fund was to counter an earlier bid by KKR & Co LP, a US private equity firm.
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