Deals
Renesas Climbs on Report of Talks to Buy Intersil for $3 Billion
- Agreement expected as early as this month, Nikkei reports
- Renesas says U.S. chipmaker among options being considered
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Japan’s Renesas Electronics Corp. rose in Tokyo trading after a report it was in final talks to acquire U.S. chipmaker Intersil Corp. for as much as $3 billion.
The shares in the Japanese chip company climbed as much as 4.2 percent to 640 yen as of 9:08 a.m. Monday. Renesas intends to offer a premium to investors of Milpitas, California-based Intersil and an agreement could be reached as early as this month, Nikkei Asian Review reporting without providing any source. Intersil’s stock has climbed 23 percent this year, and its market value is currently at $2.1 billion.