KKR in new talks for Renesas
According to Japan’s Nikkei newspaper, the New York private equity company KKR will have a controlling stake in Renesas before the end of the year.
KKR is reportedly offering $1.3bn for a controlling stake in the company whose market cap is about $1.7bn.
Before Renesas was bailed out by its bankers a couple of months ago, KKR had offered $600m for a stake in nthe company.
Renesas has 46,000 employees and made a loss of $800m last year. However it has revenues of $10bn which makes it a tempting prospect for the kind of radical re-structuring (i.e. mass sackings) at which which private equity firms excel.