Japan's Renesas rescue: White knights or protectionism?
News On Japan via autonews.com -- Sep 25
It was the auto parts company almost no one had heard of until it brought down the entire industry last year.
Now, Renesas Electronics Corp. is back in the headlines, and again not necessarily for a good reason.
This time, the world's top maker of microcontroller chips for cars is reportedly at the center of a brewing takeover battle between an American private equity firm and an alliance of Japanese companies backed by their government.
The question: Are these Japanese companies, which include Toyota Motor Corp. and Panasonic Corp., legitimate white knights with a viable plan for rescuing Renesas?
Or is it an example of Japan Inc. circling wagons to ward off the predatory ambitions of foreign private equity investors, derisively referred to hear as "hagetaka," or vultures?
Renesas crashed the global supply chain last year when Japan's March 11 earthquake took a key plant off line for months.
Its chip plants are up and running, but the problem is that the Japanese company is in financial dire straights, due mostly to competition from chipmakers in neighboring South Korea.
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(Jiji Press )