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Toshiba to sell majority stake in chip business www3.nhk.or.jp
Struggling Japanese electronics giant Toshiba is likely to sell a majority stake in a new semiconductor firm.
Toshiba plans to spin off its mainstay chip unit to help cover the huge losses from its nuclear power business in the United States.
Sources familiar with the matter say Toshiba will hold a board meeting on Friday to agree on selling a majority stake.
The executives will also set the date of an extraordinary shareholders' meeting to seek their approval for spinning off its semiconductor unit.
In January, Toshiba decided to sell less than 20 percent of the stake in the new company. Executives later began considering the sale of a majority stake, but some in the company reportedly were opposed to the idea.
Toshiba will launch negotiations with bidders, with a goal of picking one by June.
Published Date:2017-02-23
