Japan gov't owns 11% voting rights in Rapidus to push domestic chip output

TOKYO - The Japanese government said Friday it has become the largest shareholder in state-backed chipmaker Rapidus Corp., holding 11.5 percent of its voting rights in its latest push to establish a stable domestic supply of semiconductors.

The government spent 100 billion yen ($640 million) for a 40 percent stake in Rapidus, including shares without voting rights that can be converted to seize majority control if the chipmaker's business is in jeopardy.