UPDATE 2-Chinese group to get control of Japan Display after $2.1 bln bailout [Reuters]
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Source: Reuters
Japan Display to come under Chinese group's control after $2.1 billion bailout - Reuters 2 Min Read TOKYO (Reuters) - Apple Inc supplier Japan Display said on Friday it has signed a long-awaited deal under which it will receive a 232 billion yen ($2.1 billion) bailout that will give a Chinese-Taiwanese group a near-majority stake in the firm. The group which includes Taiwanese flat screen maker TPK Holding and China asset manager Harvest Group, will inject up to 80 billion yen by buying shares and bonds. As a result, it will own a 49.8 percent stake and become the largest shareholder in the company in place of the Japanese government-backed INCJ fund, effectively ending the government’s efforts to keep the last remaining domestic display maker out of foreign hands. INCJ will also join the bailout by accepting a debt-to-equity swap totaling 75 billion yen and extending senior loans worth 77 billion yen. It’s stake will fall to 12.7 percent from 25.3 percent after the deal. The rescue f
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