Tokyo's $7 bln buyout dials up global chip wars

JSR

27/06/2023 02:50

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Robyn Mak
       HONG KONG, June 27 (Reuters Breakingviews) - A
state-backed fund’s pricey purchase of semiconductor materials
maker JSR will help the Japanese industry shaken by geopolitical
jitters build national champions rather than lose to foreign
rivals. For customers from Samsung to Taiwan’s TSMC it spells
more uncertainty.

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    CONTEXT NEWS
    Chipmaking material supplier JSR on June 26 said its board
has agreed to be bought by state-backed Japan Investment
Corporation (JIC) for roughly 903.9 billion yen ($6.3 billion). 
    As part of the deal, JIC plans to launch a tender offer of
4,350 yen per share towards the end of December, after securing
the necessary regulatory approvals. Mizuho Bank and the
government-backed Development Bank of Japan will provide
financing. The company also said that the plan is to relist in
the future.
    JSR shares opened up 9.3% to 4,299 yen on June 27, after
closing up their maximum daily limit on June 26.

 (Editing by Una Galani and Thomas Shum)
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