Toshiba to close 2nd round of bids for chip unit

Struggling electronics maker Toshiba plans to sell off its chip business. The deadline for the second round of bidding is on Friday, but the sale faces a number of uncertainties.

A Japan-US consortium is one of the potential buyers.

It includes a US private equity firm, KKR, and the government-backed Innovation Network Corporation of Japan. They are looking for Japanese firms to join them, but sources say the grouping has yet to take shape.

A US chip maker, Broadcom, also intends to take part in the bidding.

Toshiba hopes to pick a buyer in June at the latest to raise about 18 billion dollars.

But Toshiba's US partner in the memory chip business, Western Digital, says the sale requires its approval and has taken the case to an arbitration court.

(NHK)