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Renesas Electronics Announces Change in Controlling Shareholder Other Than Parent CompanyRenesas Electronics Corporation (TSE: 6723, "Renesas"), a premier supplier of advanced semiconductor solutions, today announced that, as of March 14, 2018, Innovation Network Corporation of Japan ("INCJ"), will no longer be a controlling shareholder of Renesas. Further details are as follows: 1. Events leading up to the change In September 2013, when Renesas implemented a share issue through third-party allotment to INCJ and others. As a result of this third-party share allotment, INCJ came to hold 69.16 percent of the voting rights of Renesas, thus becoming both Renesas' largest major shareholder, and the only controlling shareholder other than parent company (Note 1). In June 2017, INCJ and others sold a portion of their Renesas common shares to investors in Japan and abroad. As a result, the percentage of voting rights held by INCJ decreased to 50.10 percent. Renesas received notice from INCJ that it sold 75,026,425 common shares of Renesas to Denso Corporation ("Denso") today through a direct off-market sale (Note 2). Denso previously held 0.50 percent of the voting rights in Renesas and, following the closing of this transaction, Denso will hold 5.00 percent of the voting rights in Renesas. INCJ, the largest major shareholder of Renesas, will cease to be the only controlling shareholder other than parent company and will be categorized as other related company. (Note 1) Due to a number of factors, including that INCJ's mission is to foster investment and that INCJ's reason for holding shares in Renesas is to earn capital gains, it was determined that INCJ does not correspond to being Renesas' parent company. (Note 2) The change in shareholding is scheduled to occur on March 14, 2018 once the book-entry transfer of shares for the transaction is completed on that date.
2. Date of change 3. Outline of INCJ
4. Number and percentage of the voting rights held by INCJ before and after the change
(Note) The percentage of voting rights held are rounded off to two decimal places. 5. Financial outlook The above-mentioned change in Renesas' controlling shareholder will have no impact on Renesas Group's business results. About Renesas Electronics Corporation Renesas Electronics Corporation (TSE: 6723) delivers trusted embedded design innovation with complete semiconductor solutions that enable billions of connected, intelligent devices to enhance the way people work and live-securely and safely. A global leader in microcontrollers, analog, power and SoC products, Renesas provides the expertise, quality, and comprehensive solutions for a broad range of Automotive, Industrial, Home Electronics, Office Automation and Information Communication Technology applications to help shape a limitless future. Learn more at renesas.com. (Remarks) All names of products or services mentioned in this press release are trademarks or registered trademarks of their respective owners. View source version on businesswire.com: http://www.businesswire.com/news/home/20180308006477/en/ |