Toshiba to off-load chip business by June
March 13, 2018
(Copyright: Fortune)
Toshiba Corporation has revealed that it predicts the well-documented sale of its memory chip unit to take place by June “at the latest”, as Reuters reports.
“We’ve been making various efforts to close the deal in March,” explained Yasuo Naruke, the head of Toshiba’s chip unit. He went on to say that, if this did not take place, the deal would be closed “at some point in April, May or June”.
The company is awaiting “antitrust regulatory approval from China”, but the fact that such reviews by China can take up to six months, it is “widely viewed as unlikely to gain the necessary regulatory clearance” by the expected date of the end of March.
However, thanks to cash injections provided by overseas investors, which the OEM received at the end of last year, Toshiba “is in less of a rush” to finalise proceedings and “has the option of walking away”, according to sources.
The sale of the chip business has been opposed by some Toshiba shareholders, who have said that the recent cash investments render it “unnecessary.”
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