TOKYO (Reuters) - Shareholders of Japan's embattled Renesas Electronics Corp have approved a government-led bailout, the Nikkei newspaper said, sending the chipmaker's shares more than 6 percent higher on relief that the $2.4 billion rescue was being finalized.
The deal, while expected, had been delayed and an announcement is now due for early December, the Nikkei said.
The bailout is set to keep the world's biggest maker of microcontroller chips by market share afloat for the next few years but analysts say that Renesas still faces many challenges including the restructuring of its loss-making system chip division.
As part of the deal, a Japan government fund will spend 180 billion yen ($2.2 billion) to take a two-thirds stake in Renesas, while eight manufacturers including key clients such Toyota Motor Corp and Nissan Motor Co Ltd will provide another combined 20 billion yen.
A Renesas spokesman said nothing had been decided.
Renesas, which has particular expertise in providing chips for cars, was formed from the struggling chip divisions of its major shareholding companies Hitachi Ltd, Mitsubishi Electric Corp and NEC Corp.
Renesas, which competes with Samsung Electronics Co Ltd and U.S.-based Freescale Semiconductor Inc, has predicted a net loss of 150 billion yen for the year to March.
Renesas shares traded 6.2 percent higher at 307 yen in early Monday trade, compared to a 1.2 percent rise for the Nikkei benchmark.
The Nikkei report also said Renesas will receive an additional 1 billion yen each in support from Hitachi and NEC, adding that Mitsubishi Electric will take in a few hundred Renesas employees. ($1 = 82.3700 Japanese yen)
(This story has been refiled to add the dropped word "the" in the third paragraph and currency conversion in the fourth paragraph)
(Editing by Edwina Gibbs)
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