Renesas shareholders set to approve $2. 4 billion bailout, shares soar
TOKYO (Reuters) – Shareholders of Japan’s embattled Renesas Electronics Corp are close to approving a government-led bailout, sources familiar with the talks said, sending the firm’s shares 17 percent higher on relief that the $2. 4 billion rescue was being finalized. The deal is set to keep the world’s biggest maker of microcontroller chips afloat for the next few years, but analysts say that despite job cuts and planned plant closures, Renesas still faces many challenges including the restructuring of its loss-making system chip division. . . .
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