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SK Hynix says informed by Toshiba of new memory business stake sale plans
March 6, 2017 / 8:15 AM / 9 months ago

SK Hynix says informed by Toshiba of new memory business stake sale plans

SEOUL (Reuters) - South Korean memory chip maker SK Hynix Inc (000660.KS) said on Monday it has received information from Toshiba Corp (6502.T) about new plans for the Japanese firm’s plan to sell a stake in its memory chip business.

FILE PHOTO - The logo of Toshiba is pictured on its flash memory factory, seen during a media tour in Yokkaichi, western Japan September 9, 2014. REUTERS/Reiji Murai/File Photo

SK Hynix in February submitted a bid for a minority stake in Toshiba’s memory chip business, the world’s No. 2 maker of NAND chips used for long-term data storage.

Toshiba later decided to sell most of the chip business and wants to raise at least 1 trillion yen ($8.79 billion) amid mounting financial pressure from troubles at its Westinghouse nuclear unit, a source previously told Reuters.

SK Hynix said it will make another disclosure when it decides on whether to submit a final offer, without elaborating.

Reporting by Se Young Lee

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