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Analog Devices, Maxim Integrated in merger talks: Bloomberg

Reuters

(Reuters) - Analog chipmaker Analog Devices Inc has approached smaller rival Maxim Integrated Products Inc on a possible combination, Bloomberg reported, citing sources.

Maxim was working with a bank on a strategic review when it was approached by Analog Devices, Bloomberg reported on Wednesday, citing one of the people.

Maxim had a market value of about $17.58 billion while Maxim had a market value of $9.88 billion as of Tuesday close.

Maxim's shares closed up 10.4 percent at $38.33. Analog's stock closed up 8.8 percent at $60.99 on Wednesday.

A likely deal would be the latest in the global semiconductor industry this year as companies look to cut costs and expand their offerings.

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Intel Corp agreed in June to buy Altera Corp for $16.7 billion, while Avago Technologies Ltd said in May that it would buy Broadcom Corp for $37 billion.

Analog Devices and Maxim were not immediately available for comment.

(Reporting By Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila)