Professional Documents
Culture Documents
Sections
GETTY IMAGES
open in browser PRO version Are you a developer? Try out the HTML to PDF API pdfcrowd.com
Toshiba is suing Western Digital for 120bn yen ($1bn; £835m), accusing it of interfering
in the attempted sale of its flash memory business.
The Japanese giant is offloading the unit, which makes chips for smartphones and laptops, to
cover huge losses in its US nuclear division.
It has so far failed to clinch a sale to its preferred buyer, a group of US, South Korean and
Japanese investors.
The US firm, which jointly runs Toshiba's main semiconductor plant, has been feuding bitterly
with its Japanese partner, and has sought a US court injunction to prevent any deal that does not
have its consent.
Exaggeration
Toshiba said Western had "continually interfered with the bid process" and "exaggerated" the
amount of say it had in whether any sale went through.
It also announced that it had decided to stop Western Digital staff from accessing information
about the two companies' joint venture.
Earlier on Wednesday Toshiba said it had failed to complete a deal to sell the chip unit to a
consortium of US, South Korean and state-backed Japanese investors, reportedly worth about
$18bn (£14.1bn). It had hoped to seal the sale before its AGM on Wednesday.
On Tuesday, Western resubmitted its own bid for the chip division, which had been
unsuccessful first time around.
open in browser PRO version Are you a developer? Try out the HTML to PDF API pdfcrowd.com
Taiwan's Foxconn says it has not given up on buying the chip unit, despite it also having a bid
rejected.
It now predicts a net loss of 995bn yen (£7bn) for the year to March, up from its earlier estimate
of 950bn yen.
The bulk of those losses will be a one-off loss at its US nuclear division Westinghouse which
has filed for Chapter 11 bankruptcy in the US.
An accounting scandal that was uncovered in 2015 led to the resignation of the chief executive
and several senior managers. The company was found to have inflated the previous seven
years' profits by $1.2bn.
Top Stories
Helicopter attacks Venezuelan court
A helicopter reportedly flown by a police officer drops grenades on Venezuela's Supreme Court.
28 June 2017
Features
Snacks and selfies in the 'Holy Land'
open in browser PRO version Are you a developer? Try out the HTML to PDF API pdfcrowd.com
Fiery exchange at White House briefing
Sections
Market Data
Markets
Global Trade
Companies
Entrepreneurship
Technology of Business
Business of Sport
open in browser PRO version Are you a developer? Try out the HTML to PDF API pdfcrowd.com
Global Education
Economy
Home
Video
World
US & Canada
UK
Business
Tech
Science
Magazine
Health
In Pictures
open in browser PRO version Are you a developer? Try out the HTML to PDF API pdfcrowd.com
Special Reports
World News TV
Explainers
The Reporters
On your connected tv
open in browser PRO version Are you a developer? Try out the HTML to PDF API pdfcrowd.com
Culture Autos Future TV
Ad choices
Copyright © 2017 BBC. The BBC is not responsible for the content of external sites. Read about our
approach to external linking.
open in browser PRO version Are you a developer? Try out the HTML to PDF API pdfcrowd.com