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Business & Finance

Toshiba says unable to meet end-March deadline for sale of chip unit

Published March 30, 2018 Updated March 30, 2018 12:18pm
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By Shoaib Ur RehmanReuters
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TOKYO: Toshiba Corp said on Friday it would not be able to complete an $18 billion deal to sell its prized chip unit by an agreed deadline at the end of March, as it had not received anti-monopoly approval from China.

The company said in a statement that it aims to finalise the deal as soon as possible.

Failure to meet the deadline gives Toshiba the option of walking away from the sale of the world's No. 2 producer of NAND chips without penalty - a move that some investors have urged it to consider.

 

Copyright Reuters, 2018

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