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Japan Display loses another would-be white knight from Taiwan

Teetering flat panel producer says there is no change in plans to raise 80bn yen

Japan Display says that despite the loss of a second member of its rescue team it will have no trouble coming up with the 80 billion yen it needs to go on operating. (Photo by Karina Noka)

TOKYO -- Japan Display said Tuesday that the Fubon Group, a Taiwanese financial concern, has pulled out of talks to rescue the hobbled flat panel maker, becoming the second Taiwanese company to withdraw from talks.

TPK Holding, a Taiwanese electronic component maker, was the first to depart a would-be Taiwan-China consortium that had been almost ready to deliver up to 80 billion yen ($747 million) in financial aid to the Japanese company.

The consortium is now one company, China's Harvest Fund Management, which will press on with talks to buy Japan Display.

The hobbled flat-panel maker had hoped that the Fubon Group would provide some 14 billion yen of an 80 billion-yen rescue package. TPK was to provide 25 billion yen, and Harvest the remainder.

Fubon Group was apparently swayed by the earlier departure of TPK, which grew wary of Japan Display's deteriorating business outlook.

In addition to China's Harvest, Hong Kong hedge fund Oasis Management is signaling a willingness to offer 16 billion yen in capital.

Japan Display says it will have no problem finding white knights to offer a total of 80 billion yen, noting that China's Harvest is prepared to make up for any shortfall.

All potential investors are being asked to make a final decision on participating in a rescue by Thursday.

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