June 28, 2017 / 1:02 AM / a year ago

Toshiba says chip unit pact delayed as talks with preferred bidder ongoing

TOKYO, June 28 (Reuters) - Japan’s Toshiba Corp said on Wednesday it had not yet reached a final agreement with the preferred bidder for its chip unit as negotiations with several of the parties that make up the consortium were still ongoing.

Toshiba said in a statement that it aimed to reach an agreement as soon as possible.

The ailing Japanese conglomerate, which had pledged to sign a definitive agreement with a preferred bidder by Wednesday’s shareholder meeting, is rushing to sell the prized unit to cover billions of dollars in cost overruns at its bankrupt Westinghouse nuclear unit.

The preferred bidder consortium is led by Japanese government investors and includes U.S. private equity firm Bain Capital. (Reporting by Sam Nussey; Editing by Edwina Gibbs)

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