Comment on Mitsubishi Electric promises loan to Renesas; chipmaker's shares surge

Mitsubishi Electric promises loan to Renesas; chipmaker's shares surge

TOKYO (Reuters) - Japan's Mitsubishi Electric Corp said on Tuesday it would provide 14.5 billion yen ($185.5 million) in loans to help prop up chipmaker Renesas Electronics Corp, which is fighting for survival against aggressive overseas rivals. Shares in Renesas, the world's No. 1 maker of microncontroller chips used in cars, surged 15 percent to 260 yen following the news.

 

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