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Foxconn Could Bid Up to $27 Billion for Toshiba's Chip Business: Report

Foxconn Could Bid Up to $27 Billion for Toshiba's Chip Business: Report

By Reuters | Updated: 11 April 2017 11:06 IST

Highlights

Foxconn may pay as much as JPY 3 trillion (roughly Rs. 1,75,101 crores)
Toshiba is considering selling majority of its flash-memory chip business
SK Hynix and Broadcom have submitted preliminary bids at JPY 2 trillion

Taiwan's Foxconn has indicated that it may pay as much as JPY 3 trillion ($26.99 billion or roughly Rs. 1,75,101 crores) for Toshiba Corp's chip business, Bloomberg reported on Monday, citing people familiar with the matter.

South Korea's SK Hynix Inc and chipmaker Broadcom Ltd have submitted preliminary bids for the business, valued at JPY 2 trillion ($17.98 billion) or more, according to the report.

Toshiba, the second-biggest NAND chip producer after South Korea's Samsung Electronics Co Ltd, is considering selling the majority - or all - of its marquee flash-memory chip business, as it seeks to make up for a $6.3 billion writedown from its US nuclear unit Westinghouse.

Toshiba and Japanese government officials are planning to look for offers led by Japanese buyers, though no bids have emerged yet, the report said.

Terry Gou, founder of Foxconn, which is formally known as Hon Hai Precision Industry Co Ltd, said in March the company was "definitely bidding" for Toshiba's chip business.

Foxconn, which is the world's largest contract electronics maker, Toshiba, SK Hynix and Broadcom were not immediately available for comment.

© Thomson Reuters 2017

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