Renesas Rises After $1.8 Billion Bailout Agreement: Tokyo Mover
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Renesas Electronics Corp. rose to the highest level in five months in Tokyo trading after saying it will raise at least 150 billion yen ($1.8 billion) from a Japan-backed fund and customers as part of a bailout plan.
The chipmaker advanced 10 percent to 340 yen, headed for the highest close since July 5, as of 10:25 a.m. The company will sell new shares to a group led by Innovation Network Corp. of Japan, making the government-backed fund its biggest shareholder with a 69 percent stake, Renesas said yesterday.