Renesas shares up 5% on $2.2bn bailout report

Shares of Japanese chipmaker Renesas have risen 5% after a report said that shareholders have accepted a bailout from a government-backed fund.

The Nikkei Daily said the the fund will buy two-thirds of the struggling company for 180bn yen ($2.2bn; £1.4bn).

Renesas will also get an additional 1bn yen from major shareholders Hitachi and NEC Corp, the newspaper said.

Renesas, which makes chips for Apple and Nintendo, has seen demand decline in recent months