Majority Stake: Toshiba and Development Bank

majority stake: Cash-strapped Toshiba is trying to sell a majority stake in the chip unit for roughly 2 trillion to make up for huge losses from its U.S. nuclear business, according to The Japan Times. The embattled conglomerate needs to raise cash to eliminate its negative net worth by next March to avoid being delisted from the Tokyo Stock Exchange. Under the new proposal, the U.S. firm Toshiba's joint production partner at a chip plant in Mie Prefecture is aiming to buy Toshiba Memory Corp. in a joint bid with the government-backed Innovation Network Corp. of Japan turnaround fund and the government-owned Development Bank of Japan, the sources said Monday. But Toshiba has been reluctant to sell the stake in the world's second-largest producer of NAND flash memory chips to Western Digital, as it is concerned that the acquisition by the world's No. 3 memory chipmaker could prolong antitrust examinations and delay the sale of the flash memory business. Western Digital CEO Steve Milligan is set to visit Japan this week to hold talks with Toshiba President Satoshi Tsunakawa over the new plan, the sources said. Abandoning the previous plan to bring Toshiba Memory into the Western Digital group could clear such problems, resolving a bitter conflict between the two companies. (news.financializer.com). As reported in the news.