Sep 11, 2018

Renesas buying US chipmaker IDT for $6.7 billion

Dan Primack, author of Pro Rata

Illustration: Rebecca Zisser/Axios

Japan's Renesas Electronics agreed to buy U.S. chipmaker Integrated Device Technology (NSE: IDTI) for $6.7 billion, or $49 per share.

Why it's a big deal: Because it's an interesting test for U.S. and Chinese antitrust authorities, both of which have become reluctant to approve global semiconductor mergers.

Renesas has said it isn't worried, pointing to a lack of product overlap, but acquirers never express concern on announcement day.

Per Reuters' Makiko Yamazaki:

"Renesas has been keen to get its hands on IDT’s know-how in analog semiconductors for wireless networks and sensors — expertise crucial to develop autonomous driving and connected car technology."

Go deeper: Computer chips are still "Made in the USA"

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Orion Rummler
Updated 45 mins ago - Politics & Policy

In photos: Protesters clash with police nationwide over George Floyd

Police officers grapple with protesters in Atlanta. Photo: Elijah Nouvelage/Getty Images

Police used tear gas, rubber bullets and pepper spray as the protests sparked by the killing of George Floyd spread nationwide on Friday evening.

The big picture: Police responded in force in cities ranging from Atlanta to Des Moines, Houston to Detroit, Milwaukee to D.C. and Denver to Louisville. In Los Angeles, police declared a stretch of downtown off limits, with Oakland issuing a similar warning.

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Axios
Updated 1 hour ago - Politics & Policy

Supreme Court sides with California on coronavirus worship service rules

The Supreme Court has ruled 5-4, with Chief Justice John Roberts joining the court's liberal justices, to reject a challenge to California's pandemic restrictions on worship services.

Why it matters: This is a setback for those seeking to speed the reopening of houses of worship, including President Trump.

Axios
Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 5,923,432— Total deaths: 364,836 — Total recoveries — 2,493,434 — Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 1,745,930 — Total deaths: 102,808 — Total recoveries: 406,446 — Total tested: 16,099,515 — Map.
  3. Public health: Hydroxychloroquine prescription fills exploded in March —How the U.S. might distribute a vaccine.
  4. 2020: North Carolina asks RNC if convention will honor Trump's wish for no masks or social distancing.
  5. Business: Fed chair Powell says coronavirus is "great increaser" of income inequality.
  6. 1 sports thing: NCAA outlines plan to get athletes back to campus.
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