Japan's $6.4bn JSR deal boosts chip supply chain
Japan Investment Corp (JIC), a government-backed fund, has agreed to buy semiconductor materials maker JSR Corp for $6.4 billion in an effort to boost Japan's competitiveness in the chip industry. JIC plans to launch a tender offer in late December offering a 35% premium to Friday's closing price to take JSR private. The move raised expectations of sector consolidation, driving shares in peer Tokyo Ohka Kogyo 10% higher, while Sumitomo Chemical and Shin-Etsu Chemical each rose 2%.