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UPDATE: Renesas denies report on talks to acquire Maxim

Renesas Electronics Corp. has denied a report that it was in discussions to buy Maxim Integrated Products Inc.

"There was a news report ... concerning discussions about an acquisition, but this report was not issued by us and there is no truth to it," Renesas said in a Jan. 30 statement released to Reuters.

Earlier, CNBC reported that Renesas was seeking to acquire Maxim in a deal that could be worth approximately $20 billion. CNBC cited sources privy to the matter.

The sources reportedly said the deal is not imminent and may not happen.

A representative from Maxim declined to comment.

The report follows the Japanese semiconductor company's acquisition of Intersil for $3.2 billion in 2016.

Shares in Maxim closed 12.30% higher at $66.27 and were up 0.75% in extended hours trading.

Article amended at 1:35 PM (HK time) Jan. 30, 2018, to add Renesas' comment on talks to buy Maxim.