Denso Shares Fall on Withdrawal of Planned ROHM Stake Purchase
Shares of Denso (TYO:6902) fell about 3% on Tuesday after the company withdrew its proposal to acquire shares in ROHM (TYO:6963).Denso said its board decided to scrap the plan after failing to secure support from ROHM's board and a special committee following discussions on valuation and strategy, according to a Monday filing on the Tokyo Stock ExchangeThe company said it concluded that proceeding would not necessarily enhance its medium- to long-term corporate value under current conditions, including intensifying competition.Denso and ROHM will continue their existing strategic partnership, focusing on collaboration in analog semiconductors across automotive, consumer and industrial applications, including joint development and supply initiatives.Denso said it will keep exploring other collaboration opportunities in the semiconductor sector.