After signing a basic agreement on April 27, 2009, the companies have been in negotiations to integrate business operations at NEC Electronics and Renesas. Due diligence has been completed, and the companies are now working on the final stages of the agreement. To achieve the business integration in April 2010, the companies will continue to engage in proactive negotiations aiming to reach a definitive agreement by the end of September.
NEC Electronics and Renesas Report on the Progress of Business Integration
NEC Electronics Corporation (NEC Electronics; TSE: 6723), Renesas Technology Corp. (Renesas), NEC Corporation (TSE: 6701), Hitachi, Ltd. (TSE: 6501 / NYSE: HIT), and Mitsubishi Electric Corporation (TSE: 6503) today announced that the companies decided to postpone the conclusion of a definitive agreement to integrate business operations at NEC Electronics and Renesas until the end of September.