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TOKYO, Nov 6 (Reuters) - Japanese chip materials maker JSR Corp (4185.T) on Monday slashed its operating profit forecast for the current financial year by 62%, citing a weak recovery in demand for semiconductors and a slowdown in the biotech market. Investors are debating the recovery path for the chip industry which has been hit by a slowdown in demand for electronics such as smartphones and PCs. "We had projected an upturn in the second half of the year and as we've highlighted here we're no longer expecting that upturn," JSR CEO Eric Johnson told a news conference. Operating profit was 3.4 billion yen in the second quarter, following a loss of 6.1 billion yen three months earlier. A leading maker of photoresists used in chip making, JSR said sales for cutting edge extreme ultraviolet (EUV) lithography grew 15% year-on-year in the April-September period.

Persons: Eric Johnson, photoresists, Johnson, Sam Nussey, Miho Uranaka, Kim Coghill, Miral Organizations: JSR, Samsung Electronics, Japan Investment Corp, Thomson Locations: TOKYO, KS

☆ Taiwanese chip firm to build a $5.3 billion factory in Japan as country seeks semiconductor boost
▼ + stars: | 2023-10-31 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

The first phase of the project in the Miyagi Prefecture north of the capital Tokyo, will require a 420 billion yen investment. Taiwan's Powerchip Semiconductor Manufacturing Corporation (PSMC) and Japanese financial conglomerate SBI Holdings have chosen a site in northern Japan for an 800 billion yen ($5.3 billion) chip manufacturing plant, the two firms said Tuesday. The PSMC and SBI factory will manufacture semiconductors in the 28 nanometer, 40 nanometer and 55 nanometer categories. U.S. memory chipmaker Micron announced in May that it would invest up to 500 billion yen in Japan over the next few years, including into manufacturing. In June, a fund backed by the Japanese government proposed a 903.9 billion yen acquisition of semiconductor materials giant JSR .

Organizations: SBI Holdings, Powerchip Semiconductor Manufacturing Corporation, SBI, Toyota, Honda, Micron Locations: Japan, Miyagi Prefecture, Tokyo, U.S, China

The logo of Toshiba Corporation is displayed at the company's building in Kawasaki, Japan, April 5, 2023. The top two deals this year, Toshiba Corp (6502.T) and JSR Corp (4185.T), had activists on their rosters. The strong M&A market comes as two long-standing obstacles to Japanese dealmaking - reluctance towards unsolicited takeovers and difficulties in cutting overlapping jobs in post merger integrations - may be fading. "Previously, excess employment issues held back M&A, because cutting overlapping headcount is the primary way M&A cuts costs and raises returns," Smith said. "As the labour shortage bites, expect M&A to surge as companies start being targeted as labour reservoirs."

Persons: Androniki, LSEG, David Gross, Loh, Jim Verbeeten, Shinsuke Tsunoda, " Bain Capital's Gross, Nicholas Smith, Smith, Makiko Yamazaki, Kane Wu, Sumeet Chatterjee, Stephen Coates Organizations: Toshiba Corporation, REUTERS, Toshiba, Bain Capital Asia, Bankers, Tokyo bourse, Toshiba Corp, JSR, Bain & Company, Nomura Securities, Marelli Holdings, KKR, Nidec Corp, Thomson Locations: Kawasaki, Japan, TOKYO, HONG KONG, Tokyo

☆ Toshiba says $14 bln takeover bid by JIP succeeds, set to go private
▼ + stars: | 2023-09-21 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +3 min

TOKYO, Sept 21 (Reuters) - Toshiba (6502.T) said on Thursday that a $14 billion tender offer from private equity firm Japan Industrial Partners (JIP) had ended in success - a deal which paves the way for the embattled industrial conglomerate to go private. "Activist shareholders and Toshiba were stuck with each other for years. Toshiba in March accepted the buyout offer valuing the industrial conglomerate at 2 trillion yen ($13.5 billion). Although some shareholders were unhappy with the price, Toshiba argued that there was no prospect of a higher offer or competing bid. Deals involving private equity have been particularly active, including a planned $6.4 billion buyout of materials maker JSR by a government-backed fund.

Persons: Travis Lundy, Taro Shimada, Androniki, Shimada, Lundy, JIP, Sony Group's, chipmaker Rohm, Makiko Yamazaki, Edwina Gibbs Organizations: Toshiba, Japan Industrial Partners, Quiddity Advisors, Toshiba Corporation, REUTERS, Sony, Chubu Electric Power, Thomson Locations: TOKYO, Kawasaki, Japan, Asia

☆ Toshiba is set to delist in Japan after 74 years as part of $14 billion deal
▼ + stars: | 2023-09-21 | by ( ) edition.cnn.com time to read: +3 min

Tokyo Reuters —Toshiba said on Thursday that a $14 billion tender offer from private equity firm Japan Industrial Partners (JIP) had ended in success — a deal which paves the way for the embattled industrial conglomerate to go private. The deal puts the 148-year-old electronics-to-power stations maker in domestic hands after years of battles with overseas activist investors. Toshiba in March accepted the buyout offer valuing the industrial conglomerate at 2 trillion yen ($13.5 billion). Although some shareholders were unhappy with the price, Toshiba argued that there was no prospect of a higher offer or competing bid. It will mark the largest M&A deal in Japan this year.

Persons: —, ”, Travis Lundy, Taro Shimada, Toshiba “, Shimada, “, ” Lundy, JIP, chipmaker Rohm Organizations: Tokyo Reuters, Toshiba, Japan Industrial Partners, “, Quiddity Advisors, ” Toshiba, Sony, Chubu Electric Power Locations: Tokyo, Orix, Japan, Asia

☆ JIP says $14 bln tender offer for Toshiba set to succeed
▼ + stars: | 2023-09-20 | by ( Makiko Yamazaki | ) www.reuters.com time to read: +2 min

REUTERS/Androniki Christodoulou/File Photo Acquire Licensing RightsTOKYO, Sept 20 (Reuters) - A $14 billion tender offer to take Toshiba (6502.T) private is set to succeed, private equity firm Japan Industrial Partners (JIP) said on Wednesday, clearing the way for Japan's biggest deal this year. JIP's tender offer, which closed on Wednesday, ends Toshiba's 74-year history as a listed firm and puts the electronics-to-power stations maker in domestic hands after years of battles with overseas activist shareholders. "It is forecasted that the tender offer will be successful," JIP said in a statement, suggesting that at least two-thirds of shareholders have tendered their shares. The final results of the tender offer will be announced once they are finalised, JIP added. Now that JIP has gained a two-third majority, the remaining shareholders would be squeezed out upon a vote at a planned emergency shareholder meeting.

Persons: Androniki, JIP, JIP's, LSEG, Makiko Yamazaki, Louise Heavens, Sharon Singleton Organizations: Toshiba Corporation, REUTERS, Rights, Toshiba, Japan Industrial Partners, Japan's, Effissimo Capital Management, Tokyo, Thomson Locations: Kawasaki, Japan, Asia

☆ Exclusive: ValueAct names Hale co-CEO, announces partner departures, strong gains
▼ + stars: | 2023-08-04 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

At the same time, ValueAct told investors in a letter seen by Reuters that three partners, including the firm's president Brandon Boze, are leaving. Boze will retire from the firm in 2024 and partners Dylan Haggart and Sarah Coyne will leave. ValueAct also pushed to replace four Seven & i Holdings directors with its own candidates this year, a campaign rejected by shareholders. "Rob has built what we believe is the premiere engagement investing franchise in Japan," the letter said. ValueAct said Coyne identified long-term super cycles as the market reached to short term datapoints.

Persons: Robert Hale, Mason Morfit, ValueAct, Brandon Boze, Boze, Dylan Haggart, Sarah Coyne, Morfit, Jeff Ubben, Hale, Rob, Haggart, Coyne, Svea Herbst, Bayliss, Nick Zieminski Organizations: Reuters, Microsoft, San, Fund, Japan Fund, Olympus, Holdings, Elliott Investment Management, Ubben's Inclusive, Spotify, New York Times, Svea, Thomson Locations: Japan, San Francisco, Seagate, Salesforce

"When we're 50% foreign owned that gives people pause within Japan," Johnson said in an interview. Companies often view the presence of an activist investor as a challenge to their strategy or a factor that could delay execution of their plans. The activist investor previously praised JSR's "fact-based decision making" and said it supports the sale to JIC. "But that doesn't contribute to the Japanese semiconductor materials industry overall," he said. "I don't think they're being imaginative enough ... there's a wide range of materials expertise in Japan," Johnson said.

Persons: Eric Johnson, Johnson, ValueAct, JSR's, Atsushi Ikeda, Goldman Sachs, Ikeda, Yuta, JSR, Sam Nussey, Miho Uranaka, Makiko Yamazaki, Svea Herbst, Bayliss, Stephen Coates Organizations: JSR, Japan Investment Corp, Samsung, Intel, ValueAct, Companies, Citigroup, Svea, Thomson Locations: TOKYO, American, Japan, there's

[1/2] The logo of Osaka Organic Chemical Industry Ltd. is pictured in Tokyo, Japan July 25 2023. REUTERS/Sam NusseyTOKYO, July 26 (Reuters) - Osaka Organic Chemical Industry (4187.T), a Japanese manufacturer of high-end chemicals used in chip production, is betting on the materials market for extreme ultraviolet (EUV) lithography, a method for making advanced chips. Little known even in its home country, Osaka Organic has carved out a critical niche in the semiconductor industry by supplying companies that make photoresists, the light-sensitive chemicals used to etch patterns on wafers. "I am confident that we can compete," Masayuki Ando, Osaka Organic's president, told Reuters in an interview, referring to the EUV resist market. In many ways, Osaka Organic is emblematic of Japan's chip-making industry today.

Persons: Sam Nussey, Masayuki Ando, Osaka, Ando, Yuta Nishiyama, Miho Uranaka, David Dolan, Miral Organizations: Osaka Organic Chemical Industry Ltd, REUTERS, Osaka Organic Chemical Industry, Reuters, Citigroup, Thomson Locations: Osaka, Tokyo, Japan, Sam Nussey TOKYO, photoresists, South

☆ EU and Japan look to partner on A.I. and chips as China 'de-risking' strategy continues
▼ + stars: | 2023-07-03 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

The EU held a similar council with South Korea last week, in which the two sides agreed to cooperate on technologies such as AI and cybersecurity. Part of that EU strategy involves deepening the relationship with allied countries around technology. Breton told Reuters on Monday that the bloc and Japan will co-operate in the area of semiconductors. Japan is a key country in the semiconductor supply chain, and Tokyo has been looking to strengthen its domestic industry. The EU has also been looking to strengthen its own semiconductor industry across the bloc.

Persons: Thierry Breton, Breton Organizations: European, Twitter, Japan Digital Partnership, EU, South, Reuters Locations: Japan, China, EU, South Korea, U.S, Beijing, Tokyo

☆ EU, Japan to deepen chip cooperation - Breton
▼ + stars: | 2023-07-03 | by ( Sam Nussey | ) www.reuters.com time to read: +2 min

[1/2] EU Commissioner for Internal Market Thierry Breton speaks during an interview with Reuters in Tokyo, Japan July 3, 2023. REUTERS/Issei KatoTOKYO, July 3 (Reuters) - The European Union (EU) will deepen cooperation with Japan on semiconductors, its industry chief said on Monday, as countries move to strengthen control over a technology vital for defence, electronic and automotive industries. The EU and Japan will work together to monitor the chip supply chain and facilitate exchange of researchers and engineers, Thierry Breton said. "We believe that it's extremely important to secure the supply chain of semiconductors," Thierry Breton told Reuters in Tokyo, where he is discussing cooperation on chips and artificial intelligence with the government and companies. The deepening cooperation between the EU and Japan comes as the bloc has pledged to reduce its dependence on China, which aims to increase its capabilities in high-end technology such as chips.

Persons: Thierry Breton, Issei Kato TOKYO, Rapidus, Breton, Sam Nussey, Chang, Ran Kim, Himani Organizations: Internal, Reuters, REUTERS, European Union, EU, IBM, JSR, Thomson Locations: Tokyo, Japan, EU, Leuven, Belgium, China

TOKYO, June 27 (Reuters) - State-backed Japan Investment Corp (JIC) sees potential for more mergers and acquisitions in high-end corners of the chipmaking industry following its planned $6.4 billion buyout of materials maker JSR (4185.T), the head of its private equity arm said. "We see potential in some speciality materials markets where JSR can win dominant positions by combining with other materials makers," Ikeuchi said in an interview. "We believe that we can boost Japanese chip materials makers' global competitiveness by spurring industry consolidation," he added. In the chemicals industry, for example, Japan has "too many players making similar products that were once competitive but are now commoditised," Ikeuchi said. JIC, overseen by the powerful trade ministry, was set up in 2018 to invest in Japanese companies to boost the nation's competitiveness.

Persons: Shogo, Ikeuchi, JIC, Makiko Yamazaki, Ritsuko Shimizu, Jamie Freed Organizations: Japan Investment Corp, JIC Capital, Japan, Innovation Network Corp of Japan, Thomson Locations: TOKYO, chipmaking, Japan

HONG KONG, June 27 (Reuters Breakingviews) - A government-led buyout signals more uncertainty ahead for a chip industry grappling with oversupply and geopolitics. The state-backed Japan Investment Corp will take over JSR (4185.T), which makes light-sensitive chemicals vital to manufacturing semiconductors, among other things. In recent years, the conglomerate has pivoted from a low-margin business of selling synthetic rubber used to make tyres to focus on semiconductor materials - primarily photoresists - and biopharmaceuticals. Yet JIC's mandate to boost the country’s global competitiveness and its focus on consolidating industries helps to justify the hefty premium. Either way, the government's focus on elevating national chipmaking champions creates fresh uncertainty for JSR's foreign customers like South Korea's Samsung Electronics (005930.KS) and Taiwan Semiconductor Manufacturing (2330.TW).

Persons: Sharp, Eric Johnson, Una Galani, Thomas Shum Organizations: Reuters, Japan Investment Corp, Renesas Electronics, chipmakers, Samsung Electronics, Taiwan Semiconductor Manufacturing, Japan Investment Corporation, Mizuho Bank, Development Bank of Japan, Thomson Locations: HONG KONG, Tokyo, Taiwan, Japan, United States, South Korea, South

☆ Japan-backed fund to buy critical semiconductor firm JSR for $6.3 billion as chip tensions rise
▼ + stars: | 2023-06-26 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

The Japanese Investment Corporation (JIC) proposed a $6.3 billion buyout of JSR, one of Japan's most critical chip firms. The Japanese Investment Corporation proposed an offer of 4,350 Japanese yen ($30.3) per share to buy JSR, marking a 35% premium to Friday's closing price. A fund backed by the Japanese government on Monday proposed a $6.3 billion acquisition of semiconductor material giant JSR , underscoring the strategic emphasis governments around the world are putting on the critical technology of chips. Countries such as the Netherlands, home to a critical chip firm called ASML, as well as Japan, followed suit with similar restrictions. "JIC's investment in JSR means that the government might have a higher say over its decisions," Kotasthane said.

Persons: JIC, Kotasthane Organizations: Japanese Investment Corporation, JSR, Takshashila, CNBC, U.S Locations: Japan, China, Netherlands

☆ Shares in Japan's JSR untraded on surprise possible buyout
▼ + stars: | 2023-06-26 | by ( Sam Nussey | ) www.reuters.com time to read: +2 min

JSR's market capitalisation was 677 billion yen ($4.71 billion) at Friday's market close. JIC would spend about 1 trillion yen on the acquisition, the Nikkei newspaper reported, injecting 500 billion yen into a new company to make the purchase and borrowing 400 billion yen from Mizuho Bank. JSR is a top supplier of photoresists, which are light-sensitive chemicals used to print patterns on wafers, to global chipmakers. JSR, which was set up in 1957 as a government-backed producer of synthetic rubber, reported a 20% jump in sales to 408.9 billion yen in the year ended March, while operating profit declined 33% to 29.4 billion yen. Shares in JSR, which unusually for a Japanese company has a foreign-born CEO, have gained 25% year-to-date.

Persons: JIC, Travis Lundy, Sam Nussey, Jamie Freed Organizations: JSR, Japan Investment Corp, Nikkei, Mizuho Bank, JIC, Quiddity Advisors, Thomson Locations: TOKYO, China, United States, Japan, Tokyo

☆ Factbox: Japan ramps up efforts to strengthen its chip industry
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +4 min

Below are investments in Japan announced by chipmakers and measures the government is taking to revive its semiconductor industry. Sony Group (6758.T) and auto parts maker Denso (6902.T), which will use the chips TSMC makes, are also investors. It said it would be the first chipmaker to bring EUV technology to Japan for production. It has offered TSMC a 476 billion yen subsidy, or about half the expected cost of the factory. Rapidus secured an initial 70 billion yen of funding from the government, and local media reported in April that the government was finalising a plan to provide an additional 300 billion yen.

Persons: TW, Rapidus, JIC, Makiko Yamazaki, Sam Nussey, Tim Kelly, Miho Uranaka, Miyoung Kim, Jamie Freed Organizations: Semiconductor, chipmakers, Taiwan Semiconductor Manufacturing, Sony Group, Micron Technology, Samsung Electronics, Reuters, Business Machines, IBM, Samsung, Nikon, Tokyo, Japan Investment Corp, Innovation Network Corp of Japan, Toshiba, Japan Industrial Partners, Thomson Locations: TOKYO, Japan, Kyushu, Denso, KS, Yokohama, Japan's, Chitose, Hokkaido, Rapidus, U.S, China, State

June 27 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. Wall Street closed in the red on Monday - the Nasdaq shed more than 1% for the third trading day in four - and the U.S. yield curve inversion accelerated to near-historic levels. But inflation and policy concerns are driving sentiment more than geopolitical fears. The Bank for International Settlements on Sunday called for more rate hikes, warning the world economy is at a crucial juncture in the fight against inflation. The International Monetary Fund's Gita Gopinath said on Monday investors may be overly optimistic on the speed and cost of taming inflation.

Persons: Jamie McGeever, Gita Gopinath Organizations: Kremlin, Nasdaq, Swiss, Bank for International, U.S, JSR, Japan Investment Corp, ECB, Thomson, Reuters Locations: Russian, U.S, Japan, Canada, Sintra, Portugal

☆ Japan Investment Corp in $7 billion deal talks with chipmaker JSR, Nikkei reports
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

June 24 (Reuters) - State-backed Japan Investment Corp is in talks to buy the country's top chipmaker, JSR Corp (4185.T), for about 1 trillion yen ($6.96 billion), the Nikkei reported on Saturday. If the deal goes through, JSR would delist from the Tokyo Stock Exchange as soon as 2024, according to Nikkei. To purchase JSR, JIC intends to establish a new company with 500 billion yen in capital, while Mizuho Bank will provide another 400 billion yen in finance. The fund plans to raise 100 billion yen via preferred shares and subordinated loans underwritten by various banks, according to Nikkei. The deal would grant JSR, with its significant 30% share of the global photoresist market, greater freedom for expansion, without being constrained by worries about stock market performance, Nikkei said.

Persons: JIC, Riya Sharma, Arun Koyyur Organizations: Japan Investment Corp, JSR, Nikkei, Tokyo Stock Exchange, Mizuho Bank, Thomson Locations: Bengaluru

☆ ISS backs all four ValueAct director candidates in Seven & I boardroom fight
▼ + stars: | 2023-05-10 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

"A vote AGAINST company nominees Isaka, Goto, Yonemura, (Shinji) Wada and (Fuminao) Hachiuma is warranted." ISS said ValueAct is calling for a deliberate succession process for the CEO. On Tuesday, ISS extended support for ValueAct's campaign by endorsing all of its candidates and spelling out where the company has faltered. ValueAct and other investors had urged the company to undertake a strategic review and consider spinning off its 7-Eleven chain or selling the entire company. ISS said that ValueAct's nominees bring board experience, capital allocation and executive experience, and Levinson would add a shareholder perspective.

☆ ISS backs all 4 ValueAct director candidates in Seven & I boardroom fight
▼ + stars: | 2023-05-09 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

"A vote AGAINST company nominees Isaka, Goto, Yonemura, (Shinji) Wada and (Fuminao) Hachiuma is warranted." ISS said ValueAct is calling for a deliberate succession process for the CEO. On Tuesday, ISS extended support for ValueAct's campaign by endorsing all of its candidates and spelling out where the company has faltered. ISS said that ValueAct's nominees bring board experience, capital allocation and executive experience, and Levinson would add a shareholder perspective. ValueAct has experience on boards at Japanese companies, having won seats at Olympus and JSR Corp.

"We think the company should spin off 7-Eleven and that this could help close the valuation discount," Artisan Partners Associate Portfolio Manager Ben Herrick, told Reuters. Investors, including Artisan Partners, ValueAct and a domestic institutional investor contacted by Reuters that is not permitted to discuss its views publicly, are blaming Seven & i's stagnant share price on management's attachment to a conglomerate structure. SPIN-OFF PROPOSALThree months ago, ValueAct proposed a tax free spin-off of 7-Eleven, via a listing on the Tokyo Stock Exchange in roughly one year. One investor said 7-Eleven, the company's crown jewel, will stop shining brightly unless it is spun off. A source said Seven & i president Ryuichi Isaka is one of the board members ValueAct wants to replace.

☆ ValueAct questions Seven & i strategy, pushes 7-Eleven spin-off
▼ + stars: | 2023-04-02 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

A representative for the company was not immediately available for comment and ValueAct declined further comment beyond the letter. Last month Seven & i signaled a "continuation of its status quo conglomerate structure," which confused and disappointed markets, the letter said. Now ValueAct wants answers to nine key questions when the company reports earnings this week. Does the board understand how frustrating the conglomerate structure is to shareholders and has it evaluated the conglomerate discount, the investment firm asked. The spin-off could be completed through a listing on the Tokyo Stock Exchange in roughly a year, ValueAct said earlier.

☆ These 74 stocks across 5 categories of AI are the top picks from the sector's leading fund managers.
▼ + stars: | 2023-03-18 | by ( Laila Maidan | ) www.businessinsider.com time to read: +11 min

These 74 stocks are picked by AI ETF managers. What she believes is unique about her fund is its heavy focus on quantum computing technology, making up 41.22% of the fund. While big data is used for different technologies, it enables AI to work with massive data sets in its machine-learning process. TipRanks, a financial technology website that uses AI to analyze financial data, created a stock list for what they deem are the best AI stocks based on popularity. TipRanks' list of nine of the best AI stocks have large market caps and are likely to remain relevant for a long time.

☆ The AI craze has sent some stocks soaring up to 300%. This list of over 74 stocks across 5 categories features the top picks from the sector's leading fund managers.
▼ + stars: | 2023-02-08 | by ( Laila Maidan | ) www.businessinsider.com time to read: +11 min

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