By Kailyn Rhone
Shares of ON Semiconductor rose after the company said automotive supplier Denso plans to acquire its shares on the open market as part of a closer partnership between the two companies.
The company's stock rose 1.8% to $67.60 in morning trading Tuesday. For the year, shares are down 17%.
The Scottsdale, Ariz.-based semiconductor company known as onsemi said Tuesday it will partner with Denso to enhance the latter's autonomous driving and advanced driver assistance systems.
As part of the collaboration, onsemi said Denso intends to acquire onsemi shares. The company did not provide further details about the planned stock purchases.
Write to Kailyn Rhone at kailyn.rhone@wsj.com
(END) Dow Jones Newswires
December 17, 2024 11:26 ET (16:26 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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