A fund backed by the Japanese government is set to pay $2.2B to buy 2/3 of chipmaker Renesas...

|About: Renesas Electronics Corp ADR (RNECY)|By:, SA News Editor

A fund backed by the Japanese government is set to pay $2.2B to buy 2/3 of chipmaker Renesas (RNECY.PK) from current owners Mitsubishi, NEC, and Hitachi, a source tells the Nikkei. Renesas, which rose 16.6% in Tokyo on the report, would reportedly shutter factories and cut as many as 5K jobs as part of the deal. Renesas is the top player in the microcontroller market, where it competes with Microchip, Freescale, STMicroelectronics, and others.