A consortium including Western Digital is offering $17.4 billion for Toshiba Corp's memory chip business, which the Japanese conglomerate is trying to sell to cover losses from its U.S. nuclear business. Laura Frykberg reports.
It's been a low point for Toshiba recently, as it tries to recover the losses of its bankrupt nuclear business, Westinghouse. But now, a chance for the Japanese conglomerate, to get back on track. With a $17.4 billion offer on its memory chip business. It's come from a group which includes Western Digital - a partner of Toshiba's main chip plant. Earlier this year it took Toshiba to court, arguing it should be consulted before the sale, resulting in a lengthy legal battle between two. Toshiba would not comment on this latest offer, but wants to reach a deal by the end of the month. To avoid reporting negative net worth or liabilities exceeding assets for a second year running. If that happens - it could be delisted from the Tokyo Stock Exchange.