Japanese chipmaker Renesas Electronics is considering acquiring U.S. rival Intersil as one of the several potential paths it could take for growth, it said following a news report saying the two companies are in final talks to strike a deal worth as much as ¥300 billion ($2.98 billion).

"We are considering various possibilities, including this deal, to achieve further growth," Renesas said in a statement. "Nothing has been determined at this point."

Shares in Renesas dropped 3.1% in Tokyo to close at ¥595.

Japanese financial newspaper Nikkei reported earlier on Monday that the Tokyo-based company had entered the final stages of negotiations to acquire the Milpitas, California-based company, and that the two are ready to sign a basic agreement as early as this month. The report did not cite any sources.

Renesas, whose strength lies in car semiconductors, was formed in 2010 through a merger between Renesas Technology and NEC Electronics with the backing of the public-private investment fund Innovation Network Corporation of Japan. INCJ had brought the troubled semiconductor businesses of Hitachi and Mitsubishi Electric, which formed Renesas Technology, and the semiconductor arm of NEC.

In 2011, the Great East Japan Earthquake as well as the flooding in Thailand hurt the company's production, and the company only posted its first profit in the year ended March 2015. For the year ended March 2016, the company booked a net profit of ¥86.3 billion on revenue of ¥693 billion.

Since turning the business around, eyes have also been on to whom INCJ would sell its 70% holdings in Renesas, and companies like Germany's Infineon Technologies have emerged as potential buyers. On June 17, Nidec (NJ) CEO Shigenobu Nagamori said in a press conference that the Japanese precision motor maker wants to join in the bidding for Renesas once the INCJ decides to sell its stake.

Intersil was formed in 1999 and has strength in power management semiconductors used in a wide range of areas varying from cars, smart phones, barcode scanners, security cameras, to solar powers. For the year ended January 2016, the company booked net profit of revenue of $7.1 million on revenue of $521 million.

Intersil shares closed on Friday up 1.82% at $15.64.

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