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Toshiba to name buyer of $18 billion chips business

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TOKYO/SAN FRANCISCO: Toshiba Corp aims to name a winner for its prized semiconductor business next week, people familiar with the matter said on Wednesday, as a row with one of the bidders over the sale appeared to escalate.


Sources said the choice has narrowed to one bid from US chipmaker Broadcom Ltd and US tech fund Silver Lake and another from Toshiba chip partner Western Digital Corp and Japanese government-related investors.


Toshiba is rushing to find a buyer for the world’s second-largest producer of NAND chips, which it values at $18 billion or more, to cover billions of dollars in cost overruns at its now-bankrupt US nuclear business Westinghouse Electric Corp.


The laptops-to-nuclear conglomerate will hold a board meeting on June 15 to decide on the preferred bidder, two sources said, declining to be identified as they were not authorised to speak to the media.


Western Digital, which jointly operates Toshiba’s main chip plant in Yokkaichi, western Japan, has complicated the sale effort with a legal challenge, accusing Toshiba of a serious breach of contract over the joint venture. — Reuters


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