NEC and Renesas Merger Moves Forward Sep 18, 2009

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Semiconductor makers NEC Electronics Corp. and Renesas Technology Corp., a joint venture between Hitachi, Ltd. and Mitsubishi Electric Corp., agreed to merge NEC Electronics and Renesas.

Under the agreement, Renesas will issue shares of Renesas common stock to Hitachi and Mitsubishi Electric, the sole shareholders of Renesas, in exchange for a total of 78 billion yen before the effective date of the Business Integration. In addition, the integrated company after the Business Integration will issue shares of its common stock to NEC, Hitachi, and Mitsubishi Electric in exchange for a total of approximately 122 billion yen.

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