Apr 10, 2017

Toshiba may sell chip business to Foxconn for $27bn

Toshiba has put part or all of its valuable memory chip unit up for sale to plug a gaping hole in its finances. Such a large offer from Foxconn would put pressure on Japan's government as Toshiba is seen as a key national asset. Toshiba has warned that its net loss for 2016 could exceed 1 trillion yen - one of the biggest losses in Japanese corporate history. Toshiba is the world's second-largest chip manufacturer, with its products used in data centres and consumer goods worldwide, including iPhones and iPads. South Korea's SK Hynix and US chipmaker Broadcom have also submitted preliminary bids for Toshiba's chip business, according to Bloomberg.

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