TOYKO -- NEC Electronics and Renesas Technology have agreed to a merger that would form the world's third-largest semiconductor company.

The deal is expected to be completed by July and will close next April, the companies said.

Renesas, which is jointly owned by Hitachi and Mitsubishi Electric, is the world's sixth largest semiconductor company, while NEC is ranked 11th, according to iSuppli. Combined, the merged company would have sales of more than $12.98 billion, good for third behind Intel and Samsung. Still, the combined firm's market share would be just 5%.

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