OREANDA-NEWS.  January 30, 2012. Mitsubishi Electric Corporation (TOKYO: 6503) announced today that Mitsubishi Electric and Renesas Electronics Corporation (TOKYO: 6723) have signed an agreement on January 30, 2012 in which: (1) Renesas Electronics will obtain a portion of Mitsubishi Electric's land in the Kitaitami operation (Itami, Hyogo); and (2) Mitsubishi Electric will acquire Renesas Electronics' manufacturing building (the "U building") located within the premises of Mitsubishi Electric's Kitaitami operation.

 Mitsubishi Electric and Renesas Electronics will now enter negotiations to finalize the details and aim to complete the transactions by March 31, 2012.

The mutual purchases will resolve a complicated mix of the two companies' properties, a condition that has existed since April 2003.