A Chinese-Taiwanese group will take control of Apple Inc supplier Japan Display ...
TOKYO - A Chinese-Taiwanese group will take control of Apple Inc supplier Japan Display after pumping in funds as part of a 232 billion yen bailout plan for the troubled display panel maker.
The deal will make the buyers Japan Display’s biggest shareholders - with a 49.8 percent stake - replacing the Japanese government-backed INCJ fund and effectively ending the government’s efforts to keep the last remaining domestic display maker out of foreign hands. The deal could potentially be subject to a U.S. national security review at a time when Washington is stepping up its scrutiny on Chinese investment in the United States.
Minoru Kikuoka, Japan Display’s finance division head, told reporters at a briefing that the company’s legal advisors have said a CFIUS filing would not be necessary. CFIUS, however, retains indefinite jurisdiction to request a filing and review the transaction, even after it closes.The bailout comes as sales of new iPhone models - many of which use newer organic light-emitting displays - have left Japan Display’s new factory that makes liquid crystal display panels running at half capacity.
Under the latest deal, Japan Display and Harvest Tech, part of the buyout group, are planning to jointly produce OLED panels, used in top-end iPhones, Japan Display said.
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