Hitachi Ltd. and Mitsubishi Electric Corp. obtained approval Thursday from their shareholders on a plan to spin off and integrate their semiconductor operations under a joint venture to be set up April 1.

The new venture, Renesas Technology Corp., aims for a small profit in the first business year, officials at the two firms said.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.