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SK Hynix says informed by Toshiba of new memory business stake sale plans
March 6, 2017 / 8:16 AM / 7 months ago

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

The logo of SK Hynix is seen at its headquarters in Seongnam, South Korea, April 25, 2016. REUTERS/Kim Hong-Ji/File Photo

SEOUL (Reuters) - South Korean memory chip maker SK Hynix Inc said on Monday it has received information from Toshiba Corp about new plans for the Japanese firm’s plan to sell a stake in its memory chip business.

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.

($1 = 113.7700 yen)

Reporting by Se Young Lee

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