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Toshiba's shareholders approve chip unit split off, paves way for sale
March 30, 2017 / 4:45 AM / in 7 months

Toshiba's shareholders approve chip unit split off, paves way for sale

TOKYO, March 30 (Reuters) - Toshiba Corp’s shareholders on Thursday approved a proposal to split off the Japanese company’s NAND flash memory unit, paving the way for the sale of most of its prized business.

In the wake of mounting losses at its U.S. nuclear arm Westinghouse, Toshiba plans to sell a majority stake or even all of the chip unit.

Toshiba has said it expects the business to be valued at at least $18 billion.

$1 = 111.2100 yen Reporting by Makiko Yamazaki; Writing by Tim Kelly; Editing by Edwina Gibbs

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