Japan's Toshiba Corp has pushed back its timeline to clinch a sale of its prized flash memory chip unit, saying the $18 billion deal was being held up due to differences of opinion within the consortium chosen as preferred bidder. David Pollard reports.
It was supposed to be a red-letter day for Toshiba but this is one the Japanese tech firm has missed. Wednesday's deadline to tie up an 18 billion deal to sell its prized chip unit: postponed, amid differences, it says, within the consortium chosen as the preferred bidder. Toshiba desperately needs the cash after cost overruns at its bankrupt US nuclear unit. Last week revealing losses that - at a predicted $9 billion - will be even bigger than expected. The pain doesn't stop there .... Toshiba now declaring it will sue its chip-making joint venture partner, Western Digital, for interferring in the sale. Western Digital is seeking an injuction to stop it going through without their consent - which it claims would breach contracts. It's also raised concerns over sharing technology with SK Hynix, the South Korean firm that is one member of the consortium. Though in a saga full of twists and turns - announced on Tuesday that it's to resubmit its own bid for the chip business.