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Analog Devices Inc. and Maxim Integrated Products Inc. are in talks about a possible combination that would give them more scale in a consolidating industry, people with knowledge of the matter said.

Maxim was working with a bank on a strategic review when it was approached by Analog Devices, according to one of the people, who asked not to be identified because the information is private. The talks are ongoing and may not result in a deal, the people said.

Semiconductor management teams are increasingly seeking tie-ups amid a record year for industry mergers and acquisitions, prompted by rising costs and a shrinking customer base. The two companies sell analog chips -- components that translate real-world things like sound and touch into electronic signals. They compete with Texas Instruments Inc., which extended its market-share leadership in that type of chip with the 2011 acquisition of National Semiconductor Corp.

Analog Devices jumped 8.8 percent to $60.99 at the close in New York, giving it a market value of $19 billion. Maxim climbed 10 percent to $38.33, for a market capitalization of almost $11 billion.

A representative for Maxim declined to comment, while a spokeswoman for Analog Devices didn’t respond to messages seeking comment.

Analog Devices, based in Norwood, Massachusetts, specializes in signal converters and amplifiers and gets almost half of its sales from industrial customers. Maxim, which has its headquarters in San Jose, California, sells a greater portion of its chips for use in consumer devices, such as smartphones and tablets. Its products regulate the flow of power around the internal components in mobile gadgets.

In June, Analog Devices said it would pay about $2 billion in cash for Hittite Microwave Corp. to acquire the capability to supply chips used by automakers and the military.

The semiconductor industry has seen $110 billion in deals this year.

(Closes shares in fourth paragraph.)