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NEC Electronics, Renesas Extend Merger Deadline Again
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The merger agreement to create the world's third-largest semiconductor company has been extended by the Japanese chipmakers for the second time.
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Wednesday, August 26, 2009:
NEC Electronics Corporation, Renesas Technology, NEC Corporation, Hitachi, Ltd and Mitsubishi Electric Corporation have decided to postpone the conclusion of a definitive agreement to integrate business operations at NEC Electronics and Renesas until the end of September. Earlier, the deal was supposed to be completed by end of August 2009. This is the second time that the period for merger agreement has been extended.
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After signing a basic agreement on 27 April 2009, the companies have been in negotiations to integrate business operations at NEC Electronics and Renesas. The merger agreement that aimed at merging the companies' operations to create the world's third-largest semiconductor company, was originally outlined at the end of July 2009. The companies had earlier extended the exclusive talks by August end.
"Due diligence has been completed, and the companies are now working on the final stages of the agreement," the companies stated.
To achieve the business integration in April 2010, the companies will continue to engage in proactive negotiations aiming to reach a definitive agreement by the end of September.
If a deal is agreed, the new integrated company will have three major product groups -- MCUs, system-on-chip (SoCs) and discrete products. The ownership ratio of this company will be decided and announced before the conclusion of the integration contract through negotiations between NEC Electronics and Renesas.
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