Renesas shares jumped as much as 35% to 308 yen in Tokyo.
The firm has been struggling amid increased competition from rivals, falling chip prices and weaker global demand.
It reported a net loss of 62.6bn yen for the year to the end of March 2012.
The offer under discussion would give KKR a stake of more than 50% in Renesas, according to Reuters news agency, which cited sources familiar with the matter.
Analysts said investors were hoping that the fresh injection of funds will help the Japanese technology manufacturer turn around its fortunes.
Source & Image : BBC
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