Japan's Renesas Denies Report of Talks to Buy Chipmaker Maxim

Japan’s Renesas Electronics Corp. denied a report that it’s in talks to acquire Maxim Integrated Products Inc., throwing cold water on a report that said the deal could be worth as much as $20 billion.

Maxim shares, which had surged as much as 27 percent on Monday in New York, fell about 8 percent in extended trading. Renesas shares, which climbed as much as 3.7 percent shortly after the Tokyo open, gave up most gains and were higher by less than 1 percent as of 9:31 a.m.