You are here: Home » Reuters » News
Business Standard

Hynix joins last-minute METI-led bid for Toshiba chips - Asahi

Reuters  |  TOKYO 

TOKYO (Reuters) - Japan's is assembling a Japan-South Korea-U.S. consortium in a last-minute bid for Corp's <6502.T> prized semiconductor business, countering a $20 billion offer from U.S. chipmaker Broadcom Ltd , the Asahi newspaper said on Wednesday.

The new bid, being arranged by the Ministry for the Economy, Trade and Industry, groups lenders Development Bank of [DBJPN.UL] and Innovation Network Corp of It would exceed the 2 trillion yen ($18 billion) minimum sought by struggling Toshiba, the newspaper said, citing an unnamed source.

INCJ, DBJ and U.S. private equity firm Bain Capital LP would each invest 300 billion yen in a special-purpose company to buy Memory Corp. itself would contribute up to 100 billion yen and other Japanese firms a combined 140 billion yen, while U.S. investment firm KKR & Co LP is considering putting in 100 billion yen, the Asahi said.

South Korea's SK Hynix Inc <000660.KS> would lend 300 billion yen to the project and Bank of Tokyo Mitsubishi UFJ 400 billion yen, it said.

A person familiar with the matter said Hynix was involved in the bid, while another person briefed on the matter said the Asahi report was essentially correct but he could not provide details.

Toshiba, DBJ and MUFJ, a unit of Mitsubishi UFJ Financial Group Inc <8306.T>, could not immediately be reached for comment outside business hours. Hynix declined to comment. METI did not immediately respond to requests for comment.

(Reporting by Taiga Uranaka, Taro Fuse and Makiko Yamazaki in Tokyo, and Se Young Lee in Seoul; Writing by William Mallard; Editing by Stephen Coates)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

RECOMMENDED FOR YOU