June 22, 2017 / 12:21 AM / 2 months ago

Toshiba shares slip as it gears up for chip unit sale

TOKYO (Reuters) - Shares of Toshiba Corp (6502.T) skidded on Thursday, as the company aims to seal a deal worth some $18 billion (£14.2 billion) by next week for the sale of its chip business needed to cover massive losses.

FILE PHOTO: A logo of Toshiba Corp is seen on a printed circuit board in this photo illustration taken in Tokyo July 31, 2012.Yuriko Nakao/File Photo

Toshiba shares were down 1.6 percent in early trading at 318 yen after dropping as low as 313.2 yen earlier.

Toshiba has chosen a consortium of Bain Capital and Japanese government investors as the preferred bidder.

The Nikkei reported that the consortium would propose to have Innovation Network Corp of Japan buy 50.1 percent of Toshiba memory's common stock.

Reporting by Tokyo markets team; Editing by Chang-Ran Kim

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