The head of Japanese chipmaker Renesas Electronics Corp said its top shareholder, a government-backed fund, was unlikely to sell a majority stake to a foreign buyer amid speculation of interest from German peer Infineon Technologies AG.

The Innovation Network Corporation of Japan (INCJ) owns around 70 percent of Renesas and will be free to sell some or all of its stake from September.

“I don’t think INCJ would sell a majority of Renesas shares to overseas buyers,” Renesas Chief Executive Takao Endo told Reuters on Monday.

He ruled out Renesas being acquired by Infineon but said a capital alliance of some form was possible.

(Reporting by Reiji Murai)

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