Brocker.Org: Toshiba desires funds not peers to invest in chip stake: resource – Reuters

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TOKYO Toshiba Corp desires financial investment funds which include Bain Money to invest in a stake in its flash memory business enterprise alternatively than business peers these types of as Micron Technological innovation Inc due to the fact undertaking so will speed up the planned sale, a resource claimed.

Toshiba wants to raise funds by the end of March to offset an imminent multi-billion greenback writedown on its U.S. nuclear electricity business enterprise. There may perhaps not be more than enough time to conclude a deal with another chipmaker, claimed the resource with direct know-how of the strategy.

Micron Technological innovation, SK Hynix Inc and Toshiba’s current memory associate Western Digital Corp have submitted original bids for a stake that Toshiba suggests will be fewer than twenty % of its NAND flash unit, two other sources acquainted with the bidding instructed Reuters.

The world’s largest maker of flash memory, Samsung Electronics Co, is not amongst bidders, the sources claimed. The sources asked not to be determined due to the fact they are not authorized to chat to the media.

SK Hynix and Bain Money declined to remark and Toshiba claimed it could not remark on details of the sale process. Micron Technological innovation was not promptly obtainable for remark.

A single of the sources claimed that Toshiba may perhaps at some point request financial investment from other chipmakers at the time its economic crisis has handed.

(Reporting by Makiko Yamazaki, Kentaro Hamada, Junko Fujita and Taiga Uranaka Enhancing by Stephen Coates)

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