Reuters: Global Markets: Renesas rebounds on report of job cuts, capital hike

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Renesas rebounds on report of job cuts, capital hike May 22nd 2012, 00:32 TOKYO | Mon May 21, 2012 8:32pm EDT TOKYO (Reuters) - Shares of Renesas Electronics Corp (6723.T) surged 9.7 percent on Tuesday, regaining most of the ground it lost the previous session, after the Yomiuri newspaper said the loss-making chipmaker plans to cut about 15 percent of its workforce and raise capital. Renesas - which was formed from the chip divisions of Mitsubishi Electric (6503.T), Hitachi Ltd (6501.T) and NEC Corp (6701.T) - will likely try to raise 50 billion yen ($630 million) in capital via these three companies, the Yomiuri said without citing sources. Renesas, a major supplier of chips to the auto industry, posted a 62.60 billion yen net loss in the financial year just ended, hit by natural disasters in Japan and Thailand, a sluggish economy and a strong yen. Shares of the Japanese chipmaker sagged more than 10 percent on Monday.

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