Renesas investors OK rehab plan

Kyodo

Shareholders of struggling chip-maker Renesas Electronics Corp. approved Friday a ¥150 billion investment plan from a government-backed fund and eight companies to accelerate restructuring steps.

Renesas, which commands 40 percent of the global market for automobile microcontrollers, aims to improve its financial standing and enhance its competitive edge with the investment from Innovation Network Corp. of Japan and eight key clients, including Toyota Motor Corp. INCJ will be the top shareholder by acquiring more than two-thirds of Renesas shares by the end of September.