Besieged Japanese corporation Toshiba said it was still holding up for authorities to consent the key trade of its chip unit, an impediment that can baffle preparations to accomplish the accord this month. In September, the company settled to trade its memory chip business to a conglomerate directed by Bain Capital, a US investor, which was witnessed as vital to keeping it floating after multi-billion-dollar losses.
Toshiba, within the accord, had anticipated to fulfill all the trade stipulations by March 23 and conclude by March 30. In a statement, the company said, “Nevertheless, the fulfillment of specific stipulations pertaining to the antitrust consents in requisite jurisdictions has not been substantiated yet.”
The statement further mentioned, “Even though the timing of the concluding has not been decided, Toshiba plans to settle on the deal as soon as possible.” Midori Hara, a spokeswoman for Toshiba, told AFP “for the time being, it is only the anti-trust law of China” that is holding up the deal.
“We do not discern the timeline for the authorization, but we are still looking forward to accomplish the transaction on March 30.” The Bain-directed group procuring the memory chip business consists of the US tech giants Dell and Apple, as well as SK Hynix, the South Korean chipmaker.
Toshiba has strived subsequent to the devastating acquirement of the Westinghouse, the US nuclear energy company, which notched up billions of dollars in losses prior to being positioned under bankruptcy protection. With the aim of surviving and circumventing delisting, the money-strapped group settled on to put for sale its chip business—the front runner in a huge series of businesses spanning from nuclear reactors to home appliances.
In February, Toshiba, with the chip agreement and the deal of Westinghouse, stated it will sway into the black for the entire financial year.
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