The Japanese government is a major shareholder in Renesas and is not keen to sell a majority stake to a foreign buyer.
The Innovation Network Corporation of Japan owns around 70 percent of Renesas and, based on an earlier agreement with the company made at its initial investment, will be free to sell some or all of its stake from September.
An INCJ official said something similar last week about its investment in Sharp and added it would not consider deals resulting in losing technology abroad.
Infineon said late last month that its integration of International Rectifier, which it bought for $3 billion, was ahead of schedule, leaving it free to consider its next move in a rapidly consolidating industry.
For those who came in late, there has been a wave of consolidation is reshaping the chip sector with NXP Semiconductors buying Freescale and ON Semiconductor writing a cheque for Fairchild Semiconductor.
Chipmakers are acquiring peers to expand capacity and capabilities in part because of an expected explosion in demand for all kinds of semiconductors necessitated by the Internet of Things - where chips are installed in everyday goods. Renesas' Endo said a capital tie-up of some form with Infineon was possible.