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TOKYO (Reuters) - Renesas Electronics Corp dismissed a media report that said the Japanese automotive chip maker was in talks to acquire U.S. chipmaker Maxim Integrated Products Inc.

Earlier, CNBC reported that discussions were ongoing for a deal that could be valued at up to $20 billion, citing sources close to the matter. The report, however, also said that the deal was not imminent and may not happen.(cnb.cx/2nrkjIe)

“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 statement on Tuesday.

Maxim was not immediately available for comment.

Renesas has a market capitalization of about $20 billion, while Maxim is valued at about $19 billion, according to Thomson Reuters data.

Shares in the San Jose, California-based company ended up 12.3 percent at $66.27 on the Nasdaq on Monday after the report.

In 2016, Renesas beat rival suitor Maxim in a deal to buy U.S. chipmaker Intersil Corp for $3.2 billion, an all-cash deal that bolstered the Japanese group’s efforts to refocus the company around automotive chips.

Renesas, created from the semiconductor units of several Japanese companies, has amassed a significant war chest since a state fund and key clients bailed it out after the Fukushima earthquake in 2011.