NEC approached by US fund as chip unit faces delisting
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(InfoWorld) - A U.S. private investment company appears to be trying to grab a larger stake of Japan's NEC Electronics. Perry Capital has offered to increase its stake in the company, which is the chip-making subsidiary of NEC, from its current stake of around 4.5 percent to 25 percent, according to a report in Wednesday morning's Nihon Keizai Shimbun business daily. NEC confirmed that it was approached by Perry Capital but would not disclose details. "NEC received a letter from an American private investment firm, Perry Capital, on July 11, 2007; however, NEC cannot comment on the contents of individual communications with investors," it said. The news comes a day after NEC said its semiconductor subsidiary is a candidate for delisting from the Tokyo Stock Exchange because too many of its shares are held by a small number of shareholders. The exchange regulations say a company cannot remain listed if more than 75 percent of its shares are held by its 10 largest shareholders. NEC Electronics has until March 2008 to adjust the shareholding, although new rules slated for later this year would change the criteria for delisting. If they come into force as expected, NEC Electronics could continue to trade with no change in its shareholder status. NEC Electronics stock ended the day up 16 percent, at a year-high of Â¥3,670.
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Is the chip giant bargain-shopping or just wasting money?
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A combination of National, Alamo, Thrifty and Dollar in a deal valued at more than $3 billion is being discussed.
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Amaranth Advisors, the US hedge fund that lost about $6bn betting on gas prices, seeks help as it liquidates its remaining assets.
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China's largest chip maker is seeking damages in U.S. court from rival Taiwan Semiconductor Manufacturing Co.Â (TSMC) for alleged breach of contract, widening a legal battle with TSMC that erupted last month.
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Japan&#39;s NEC Corp. said Wednesday that the New York-based Nasdaq stock exchange will suspend trading in its shares after it failed to meet a deadline to restate its past financial results.
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Ultimate Electronics Inc. on Tuesday said it was at risk of being delisted from the Nasdaq because of a delay in filing its results for the quarter ended Oct. 31.
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The electronics retailer might seek bankruptcy to fend off lenders.
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German semi-conductors giant Infineon said it had decided to scrap a deal to take a stake US firm Finisar Corp and was considering taking legal action to reclaim damages as a result of the delays and foot-dragging in the transaction.
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NEC hopes that its new vector-based system will return it to supercomputer prominence, but analysts are doubtful.
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Advanced Micro Devices will receive preferred shares in exchange for its investment in company whose financial performance has fallen lately.
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A bidding war may be under way for the struggling maker of trading cards.
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Three more Taiwanese chip makers plan to&#160;spend significantly less money on new factories and equipment&#160;this year as a DRAM (dynamic RAM) glut and uncertainty about the global economy weigh.Lower capital spending forecasts in the chip industry are a sign the global IT industry is on edge about future demand. Analysts have expected DRAM makers to cut back on spending for a long time due to&#160;falling chip prices. Prices for mainstream DDR2 (double data rate, second generation) chips remain below production costs, and most DRAM makers have reported losses for the fourth quarter.Powerchip Semiconductor, Taiwan&#39;s largest memory chip maker, Wednesday said it plans to spend NT$35.1 billion (US$1.09 billion) on new chip factories, technology and production line equipment this year, less than half the NT$86.3 billion it spent last year.Powerchip&#39;s smaller rival on the island, ProMOS Technologies, also more than halved its projected 2008 capital spending to US$800 million, down from US$1.84 billion last year. The company also put the expansion of its fourth 12-inch factory on hold pending a rebound in the DRAM market.United Microelectronics (UMC), the world&#39;s second largest contract chip maker, forecast its 2008 capital spending at US$500 million to US$700 million, down from US$900 million last year.The company&#39;s customers have turned cautious due to global economic worries, said Jackson Hu, CEO of UMC, at an investors&#39; conference in Taipei on Wednesday. The company forecast its chip shipments will decline as much as 15 percent in the first quarter, compared to the fourth quarter of last year as chip demand weakens, particularly for communications chips.Global semiconductor equipment spending is forecast to fall 9.9 percent to US$40.3 billion this year, from US$44.8 billion last year, according to Gartner. The market researcher blamed over-investment by DRAM makers in 2007 for the cutback in semiconductor capital spending this year. Concerns about a U.S. economic recession have also put chip makers in a cautious mood, Gartner said in a report published early this month.&#160;
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National Semiconductor Corp.  NSM.N on Thursday said it would cut about 6 percent of its  work force to reduce costs amid a chip supply glut, and will  book severance charges of between $22 million and $26 million.
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Tax investigators probing Japanese electronics maker NEC Corp. have found that employees placed fake orders and took kickbacks, compounding the problems at a company long dogged by accounting troubles and possibly facing a Nasdaq delisting.
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Figuring it's had enough of fighting over options, the chip giant is waiting to see what Congress comes up with.
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SAN JOSE, Calif. - Japan&#39;s NEC Electronics Corp. is expected to miss its operating profit forecast for the year by 40 per cent due to the slowdown in the IC industry.