Japan

Toshiba chooses US-Japan bidder for memory chip biz sale

Money-losing Toshiba Corp. said Wednesday that it has chosen a U.S.-Japan consortium as the preferred bidder in the sale of its lucrative memory chip business, but hurdles remain as an American joint-venture partner is opposing the move.

Toshiba sorely needs the sale, with its U.S. nuclear unit Westinghouse Electric Co. racking up massive red ink and filing for bankruptcy protection.

Tokyo-based Toshiba said the board of directors selected the bid, totaling about 2 trillion yen ($18 billion), from the consortium of Innovation Network Corp. of Japan, Bain Capital Private Equity and the Development Bank of Japan in the sale of Toshiba Memory Corp.

But Western Digital of...

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