The other 40% share is taken by the Development Bank of Japan (DBJ) which will invest €140 million in the new combined company and provide a €70 million credit line.
The combined company will be fabless, it will have 3,000 employees and sales of about 1 billion.
Yasuo Nishiguchi, former president of Kyocera, will be the new company’s CEO.
Panasonic recently transferred its fabs into a jv with TowerJazz.
Fujitsu is talking to TSMC about turning its Mie Fab into a jv foundry.
Last year Fujitsu sold its microcontroller and analogue IC business to Spansion.
Nine years ago, the Japanese nearly succeeded with a plan to put together the manufacturing capacity of the industry in a project called Advanced Process Semiconductor Foundry Planning Company led by an NEC guy called Hirokazu Hashimoto.
Hashimoto said at the time: “Japan has 11 IDMs but their fab capacity is not big and they can’t compete with TSMC which has 60,000 wpm fabs.
Hashimoto’s plan was to raise $1 billion for a 65nm 10k wpm fab and then raise $5 billion for a 45nm 60k fabn.
The Japanese government enthusiastically backed the plan but the companies couldn’t agree about which process flavours to put in the fab.