LONDON NEC Electronics Corp. and Renesas Technology Corp. have moved their merger agreement forward by signing a deal to integrate business operations at NEC Electronics and Renesas on April 1, 2010.
This agreement follows on from the definitive agreement which was signed on Sept 16, 2009.
The integrated company after the business integration will provide globally competitive products in its three major product groups, MCUs, SoCs, and discrete products, by concentrating its development resources to enhance the companies’ respective advantages.
Both NEC Electronics and Renesas are planning shareholder meetings for approval of merger agreement on Feb 24, 2010.
Hitachi, Ltd. and Mitsubishi Electric Corp., the new shareholders of the integrated company after the business integration, will be entitled to vote at the ordinary shareholders meeting of the integrated company which is scheduled to be held in June 2010.
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