U.S. law firm Davis Polk & Wardwell and Japan’s Mori Hamada & Matsumoto are advising a consortium led by state-backed Japan Investment Corp (JIC) on its offer to buy out semiconductor packaging maker Shinko Electric Industries from Fujitsu for $4.71 billion.

Panasonic Corp and Fujitsu Ltd have reached a basic agreement to form a company this autumn as part of their plan to combine their chip design and development operations, two sources familiar with the matter said on Tuesday.