JAPAN STEPPED UP efforts to bolster its chip industry on Monday, with a government-backed fund agreeing to buy semiconductor materials maker JSR for about 909.3 billion yen ($6.4 billion).
The move by Japan Investment Corp (JIC), overseen by the powerful trade ministry, is the latest in a series of increasingly muscular government steps to try to regain Japan's lead in advanced chip production and maintain its edge as a maker of materials and tools used in their manufacture.
JIC plans to launch a tender offer in late December offering 4,350 yen per share, a 35% premium to Friday's closing price, to take JSR private. Mizuho Bank and the government-backed Development Bank of Japan (DBJ) will provide financing.
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