Toshiba may cancel chip sale without China's nod

Updated 2018-04-23 13:50:01

Japan's Toshiba Corp has decided it will cancel the planned .6 billion sale of its memory chip unit if it does not get approval from China's anti-monopoly regulator by May, the Mainichi newspaper reported on Sunday.

A consortium led by US private equity firm Bain Capital last year won a battle for the unit, which Toshiba put up for sale after billions of dollars in cost overruns at its Westinghouse nuclear unit plunged it into crisis.

But Toshiba was unable to complete the sale by the agreed deadline of March 31 as it was still awaiting approval from China's antitrust authorities.

Toshiba raised .4 billion from a share issue to foreign investors late last year and it had now decided it did not need to go through with the sale, the newspaper reported. It did not cite any source.

"Toshiba has come to a decision that there is little necessity for the sale as it is no longer in insolvency," the newspaper reported, adding that Toshiba would consider listing the unit if the sale did not go ahead.

A Toshiba spokesman said the company was still aiming to complete the sale as soon as possible.

In early April, Toshiba Chief Executive Nobuaki Kurumatani said his company would not cancel the sale unless there was any "major material change" in circumstances.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58May 24 2018 17:49:04

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16May 24 2018 17:49:04

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18May 24 2018 17:49:04

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords