Hitachi Ltd and Mitsubishi Electric Corp, Japan's third- and fourth-largest chipmakers, unveiled long-awaited details on Thursday for plans to merge their chip operations, widening the scope while adding a Taiwanese partner.
The two will set up a new company next April to take over more than 80 percent of their chip business, aiming to create the world's second-largest chipmaker with a revenue target of 900 billion yen ($7.33 billion) for its first year.
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