NEC Electronics Corporation, Renesas Technology Corp. , NEC Corporation, Hitachi, Ltd. and Mitsubishi Electric Corporation 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 August.
As announced on April 27, 2009, the companies have been in negotiations to integrate business operations at NEC Electronics and Renesas. The companies had originally planned to start their joint operationsd at the end of July.
However, due to delay in completing due-diligence on the companies' assets including the manufacturing and sales sites worldwide, the companies have decided to postpone the contract day.
The companies will continue to engage in proactive negotiations aiming to reach a definitive agreement by the end of August.