Renesas CEO says acquisition by Infineon unlikely

Japanese chipmaker Renesas Electronics Corp's CEO said an acquisition by Germany's Infineon Technologies was unlikely as he believed its top shareholder, a government-backed fund, would not sell a majority stake to a foreign buyer. The Innovation Network Corporation of Japan (INCJ) owns around 70 percent of Renesas and, based on an earlier agreement with the company made at its initial investment, will be free to sell some or all of its stake from September. "I don't think INCJ would sell a majo