Reuters: Global Markets: Renesas shares jump after report $2.4 billion bailout approved

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Renesas shares jump after report $2.4 billion bailout approved Nov 26th 2012, 01:20 TOKYO | Sun Nov 25, 2012 7:58pm EST TOKYO (Reuters) - Japan's embattled Renesas Electronics Corp (6723.T) jumped more than 5 percent on Monday after the Nikkei newspaper said its major shareholders had approved the chipmaker's bailout by a government fund and eight manufacturers. The deal, to be announced early December, will provide Renesas with a combined 200 billion yen ($2.4 billion), which includes the government fund taking a two-thirds stake in the chipmaker for 180 billion yen, the Nikkei said. Renesas shares were up 5.9 percent at 306 yen, compared to a 1.1 percent rise for Tokyo's benchmark Nikkei .N225. The Nikkei report also said Renesas will receive an additional 1 billion yen each in support from Hitachi Ltd (6501.T) and NEC Corp (6701.T), both major shareholders of the chipmaker. (The story corrects Hitachi, NEC support to 1 billion yen each, not 10 billion yen.)

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