Sanyo, another Japanese electronics firm, had hoped to do something similar. But its plan to sell its semiconductor unit for nearly $1 billion to Advantage Partners, a private-equity fund, fell through on October 16th. Sanyo is owned by a number of investors, including Goldman Sachs, which are doing their best to revive the struggling company by slimming it down to focus on its solar-panel and battery businesses. But the banks financing the purchase of Sanyos chip unit balked at the price and at Advantages plan to retain the existing management. Sanyos announcement that it would keep the unit sent its share price plummeting.
Meanwhile, NEC, which in 2002 turned its chip business into a separate, publicly listed subsidiary, NEC Electronics, has spurned an offer from Perry Capital, a New York fund. Perry is willing to pay $1.3 billion to raise its stake from roughly 5% to 30%, on the condition that NEC relinquishes control of the chipmakers board. Now Perry is quietly trying to convince other shareholders of the merits of its offer.
Taken together, this action adds up to a test of the willingness of managers at Japans electronics firms to take rational but uncomfortable decisions. Spin-offs make sense because there are too many firms doing the same thing on too small a scale, and the need to finance new fabs is a drag on the firms main businesses. In Japan, however, corporate pride often trumps economic logic. Electronics giants are used to being diversified and vertically integrated: they regard selling a subsidiary as akin to amputating an arm. Still, some now see the need for surgery.
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