In what could be a move that would vault Broadcom Ltd into the lead to buy the prized semiconductor unit of Toshiba Corp, a joint bid is being considered by a Japanese government-backed fund and policy bank with the U.S. chipmaker the prized semiconductor business, claimed a news report in the Asahi newspaper on Wednesday.
Citing an unidentified Japanese government source, the Asahi said that it appears that the aim of the bid is to prevent Toshiba's chip technology from going to rivals in China or South Korea. The bid is planned to be made jointly by, the Development Bank of Japan and the Innovation Network Corp of Japan.
Even though organization had not been a participant in the first round of bidding, the fund was looking at the chip auction, said INCJ Chairman Toshiyuki Shiga on Tuesday.
In a move that would help the government prevent a sale to bidders it deems risky to national security, Reuters reported quoting people familiar with the matter that INCJ might invest in the business as a minority partner.
There were no immediate comments to the news report published in the media by INCJ as it said that it would not comment outside business hours. For comment on the Asahi report, the media could not immediately reach out to media representatives for California-based Broadcom. There were no comments made from a DBJ spokesman on the report.
In order to help itself to cover for the billions of dollar in writedowns from its U.S. nuclear unit Westinghouse Electric Co, which filed for U.S. bankruptcy protection from creditors last month, Toshiba is selling the memory business, which it this month spun off as a separate unit.
Reuters reported quoting a person familiar with the matter that while Taiwan's Hon Hai Precision Industry Co, the world's largest electronics contract manufacturer, Broadcom, which has partnered with private equity firm Silver Lake Partners LP, put in the highest first-round offer of 2.5 trillion yen ($23 billion) for the chip business.
U.S. chipmaker Western Digital Corp, which has a joint venture in Japan with Toshiba's chip unit and South Korea's SK Hynix Inc were among the other bidders.
(Source:www.reuters.com)
Citing an unidentified Japanese government source, the Asahi said that it appears that the aim of the bid is to prevent Toshiba's chip technology from going to rivals in China or South Korea. The bid is planned to be made jointly by, the Development Bank of Japan and the Innovation Network Corp of Japan.
Even though organization had not been a participant in the first round of bidding, the fund was looking at the chip auction, said INCJ Chairman Toshiyuki Shiga on Tuesday.
In a move that would help the government prevent a sale to bidders it deems risky to national security, Reuters reported quoting people familiar with the matter that INCJ might invest in the business as a minority partner.
There were no immediate comments to the news report published in the media by INCJ as it said that it would not comment outside business hours. For comment on the Asahi report, the media could not immediately reach out to media representatives for California-based Broadcom. There were no comments made from a DBJ spokesman on the report.
In order to help itself to cover for the billions of dollar in writedowns from its U.S. nuclear unit Westinghouse Electric Co, which filed for U.S. bankruptcy protection from creditors last month, Toshiba is selling the memory business, which it this month spun off as a separate unit.
Reuters reported quoting a person familiar with the matter that while Taiwan's Hon Hai Precision Industry Co, the world's largest electronics contract manufacturer, Broadcom, which has partnered with private equity firm Silver Lake Partners LP, put in the highest first-round offer of 2.5 trillion yen ($23 billion) for the chip business.
U.S. chipmaker Western Digital Corp, which has a joint venture in Japan with Toshiba's chip unit and South Korea's SK Hynix Inc were among the other bidders.
(Source:www.reuters.com)