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Business deals

Renesas chases $6bn deal for IDT to enhance self-driving chips

Once-troubled Japanese chipmaker is on the hunt in US

Renesas Electronics is the world's second-largest producer of automotive chips.     © Reuters

TOKYO -- Japanese semiconductor manufacturer Renesas Electronics wants to acquire U.S.-based Integrated Device Technology in a deal that could total well over $6 billion, hoping to expand its global footprint in automotive chips.

The companies are in the final stages of talks and are to meet at the beginning of next week. The prospects for striking an agreement remain unclear, but Renesas is expected to make a tender offer for all of IDT's  shares at a premium.

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