UPDATE 3-Chinese group to get control of Japan Display after $2.1 bln bailout [Reuters]
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Source: Reuters
Chinese group to get control of Japan Display after $2.1 billion bailout - Reuters 3 Min Read TOKYO (Reuters) - A Chinese-Taiwanese group will take control of Apple Inc supplier Japan Display after pumping in funds as part of a 232 billion yen ($2.1 billion) bailout plan for the troubled display panel maker. The rescue comes after previous, publicly funded bailouts failed to help the company cut its dependence on Apple, whose slowing iPhone sales have badly hit Japan Display. The deal will make the buyers Japan Display’s biggest shareholders - with a 49.8 percent stake - replacing the Japanese government-backed INCJ fund and effectively ending the government’s efforts to keep the last remaining domestic display maker out of foreign hands. The buyer group, which includes Taiwanese flat screen maker TPK Holding and Chinese investment firm Harvest Group, will inject up to 80 billion yen into Japan Display by buying shares and bonds. INCJ will also join the bailout by accepting a debt-to-
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