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The potential acquisition, first reported by the Nikkei business
daily, comes as Renesas is beefing up its business in chips for
self-driving cars.
The Nikkei reported that the deal would be worth as much as $6
billion, becoming one of the largest acquisitions for a Japanese
chipmaker.
Renesas, second only to NXP Semiconductors NV in automotive
chips, in a filing said nothing has been decided, but that it
would be prompt in disclosing any decision made. It also said it
is seeking the best financing method in the event of an
acquisition, should financing be necessary.
Representatives for IDT could not be reached outside business
hours.
Renesas, which bought U.S. chipmaker Intersil Corp for $3.2
billion last year, has been constantly reviewing its list of
potential acquisition targets amid a wave of mega-mergers in the
industry, its chief executive has said.
Buying IDT, which has strengths in chips for wireless network
devices, could help Renesas enhance its capabilities in
developing chips for data communications crucial for
self-driving cars.
According to the Nikkei, Renesas plans to buy all IDT shares to
take full control of the Nasdaq-listed company.
Renesas was created in 2010 from a merger of NEC Corp's chip
division and Renesas Technology, which itself was established
through a merger of the chip units of Hitachi Ltd and Mitsubishi
Electric Corp.
(Reporting by Makiko Yamazaki; Editing by Christopher Cushing)
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