Renesas Jumps Most in 7 Months on Nidec Interest in Acquisition

  • Nidec CEO says hasn’t taken any action on Renesas yet
  • Renesas among companies Nidec says it wants to buy in future

Renesas Electronics Corp. surged the most in almost seven months after Nidec Corp.’s chief executive officer expressed interest in acquiring the maker of electronic components.

Shares of Renesas jumped as much as 11 percent, the biggest intraday gain since Nov. 20. They traded at 613 yen, up 4.8 percent, as of 1:59 p.m. in Tokyo. The Nikkei 225 Stock Average climbed 1.1 percent.

While Nidec hasn’t initiated any action to acquire Renesas, it may join in the bidding for the company once the government decides to sell its stake, CEO Shigenobu Nagamori said during a press conference Friday in Kyoto. Nidec is also interested in acquiring part of Calsonic Kansei Corp., he said.

“Renesas is a company that has key technologies that we may need in the future,” Nagamori, 71, said.

The government-backed Innovation Network Corp. of Japan, known as INCJ, owns 69.2 percent of Renesas, according to data compiled by Bloomberg. INCJ and Renesas’s customers agreed to bail out the company in December 2012 as it struggled to recover from a prolonged slump for Japanese chipmakers, exacerbated by the tsunami and earthquake that crippled its operations a year earlier.

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