Morning business round-up: Barclays boss quits

Micron Technology has agreed to buy embattled Japanese chipmaker Elpida in a deal worth 200bn yen ($2.5bn).

Once completed, the deal will see Micron become the world’s second-largest maker of dynamic random access memory (DRAM) chips.

These chips are key components of personal computers.

Elpida had filed for bankruptcy protection in February after being unable to repay debts of 448bn yen.

Nigeria has signed a preliminary $4.5bn (£2.9bn) deal with US-based Vulcan Petroleum to build six oil refineries.

The deal could boost refining capacity in the country by 180,000 barrels a day, with two of the refineries due for completion this year.

Nigeria is Africa’s biggest oil producer but its refineries are only able to refine a fraction of this into fuel.

The US leads the world in innovative building and infrastructure projects, according to a list compiled by KPMG.

In the list, 14 projects from the US were featured as being leaders in the area, including the redeveloped site of the World Trade Center.

Asia-Pacific countries accounted for 20 entries, while the UK had seven.

Renesas Electronics, the world’s fifth biggest chipmaker, has announced a restructuring plan that will lead to at least 5,000 job cuts.

It is getting rid of half its 19 plants and cutting 12% of its workforce.

The plan is part of an agreement to get financial help from creditor banks and its three top shareholders: NEC, Hitachi and Mitsubishi Electric.

Finally, Australian regulators have launched an investigation into the withdrawn offer for the country’s second biggest department store chain, David Jones.

The company’s shares rose by as much as 19% on Friday after it announced a 1.65bn Australian dollar ($1.69bn; £1.08bn) takeover offer.

The bid came from little-known British group, EB Private Equity (EBPE).

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