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TOKYO (Reuters) - A Chinese-Taiwanese group will take control of Apple Inc supplier Japan Display after pumping in funds as part of a 232 billion yen ($2.1 billion) bailout plan for the troubled display panel maker. The rescue comes after previous, publicly funded bailouts failed to help the company cut its dependence on Apple, whose slowing iPhone sales have badly hit Japan Display. 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 buyer group, which includes Taiwanese flat screen maker TPK Holding and Chinese investment firm Harvest Group, will inject up to 80 billion yen into Japan Display by buying plastic button cufflinks shares and bonds, INCJ will also join the bailout by accepting a debt-to-preferred equity swap totaling 75 billion yen and extending senior loans worth 77 billion yen, After the deal its stake will fall to 12.7 percent from 25.3 percent, 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..
Japan Display has a subsidiary in San Jose, a U.S. business that could give the Committee on Foreign Investment in the United States (CFIUS) jurisdiction over the deal. Displays may not necessarily be critical technologies that are export controlled, but some of Japan Display’s technologies such as fingerprint sensors could raise a national security concern, said Nancy Fischer and Matthew Rabinowitz, partner and senior associate, respectively, at U.S.-based law firm Pillsbury. 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 (OLED) - have left Japan Display’s new factory that makes liquid crystal display (LCD) panels running at half capacity, Japan Display expects to plastic button cufflinks post its fifth straight year of net losses in the year ending this month, as disappointing sales of Apple’s iPhone XR, the only model with an LCD screen, dashed hopes for a turnaround, The Apple business accounted for more than half of Japan Display’s revenue over the last four years..
Kikuoka said at the briefing, without naming Apple, that Japan Display still owes its client about 100 billion yen. The U.S. tech giant fronted most of the $1.5 billion construction costs for a new LCD factory three years ago. “We discussed with our client, including that (repayment) issue as well, before we reached the agreement,” Kikuoka said. 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.
FRANKFURT (Reuters) - Deutsche Bank’s current Chief Executive Christian Sewing and Chairman Paul Achleitner would continue to lead the bank if it merges with Commerzbank, a German magazine reported on Friday, Der Spiegel, citing no sources, reported that Commerzbank’s CEO Martin plastic button cufflinks Zielke would serve as deputy CEO of the combined group in charge of private and corporate banking, Both banks declined to comment, If the banks merge, Garth Ritchie of Deutsche Bank would continue to lead the investment bank, Spiegel reported..
(Reuters) - SoftBank Group Corp leader Masayoshi Son has much bigger ambitions for transportation than simply seeing his investment in Uber Technologies Inc turn into more than $13 billion when the company goes public next month. The Japanese entrepreneur is placing a $60 billion bet in more than 40 companies in a bid to steer the $3 trillion global automotive industry now dominated by vehicles people own and drive to a spectrum of transportation services available at the touch of a smartphone app. Those services range from ride hailing and car sharing to delivery robots and self-driving vehicles.
The extent plastic button cufflinks of those investments, based on a Reuters analysis of publicly available data and interviews with a dozen sources familiar with SoftBank’s investment strategy, has not previously been reported, They show how Son has emerged as one of the power players trying to influence how people and goods move about the world in the coming decades, Graphic: Softbank's future mobility investments, click tmsnrt.rs/2UQXn4F, Key partners in Son’s quest are Uber, the U.S, ride services leader, and Japan’s Toyota Motor Corp..