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Japan's last big screen maker accepts bailout by Taiwan-China team

Onetime powerhouse falls in the face of aggressive rivals and Apple letdown

Japan Display expects to firm up the deal at a board meeting to be held by April 8. (Photo by Ken Kobayashi)

TOKYO -- Japan Display has agreed to receive a bailout of up to 80 billion yen ($717 million) from a Taiwanese-Chinese consortium, sounding the death knell for Japan's once-vibrant display industry.

Initially hailed as the key to restoring Japan's competitiveness in the field, the country's last big panel maker is now falling under foreign control after failing to keep up with rapidly rising rivals from China and South Korea.

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