AFP, Tokyo :
Toshiba tumbled Thursday after saying it would sell its memory chip business for around $18 billion, as its US partner vowed to keep fighting to block a deal seen as crucial to the Japanese industrial conglomerate’s survival.
The embattled stock fell as much as 5.39 percent to 298 yen, before it recovered to 306 yen, still down 2.85 percent.
Late Wednesday, Toshiba announced the sale to a group led by US investor Bain Capital-which includes US tech giants Apple and Dell as well as South Korean chipmaker SK Hynix.
Thursday’s drop came as Toshiba’s US chip factory partner, Western Digital, vowed to keep trying to block the sale in court. It was a rival bidder for the lucrative unit.
Toshiba tumbled Thursday after saying it would sell its memory chip business for around $18 billion, as its US partner vowed to keep fighting to block a deal seen as crucial to the Japanese industrial conglomerate’s survival.
The embattled stock fell as much as 5.39 percent to 298 yen, before it recovered to 306 yen, still down 2.85 percent.
Late Wednesday, Toshiba announced the sale to a group led by US investor Bain Capital-which includes US tech giants Apple and Dell as well as South Korean chipmaker SK Hynix.
Thursday’s drop came as Toshiba’s US chip factory partner, Western Digital, vowed to keep trying to block the sale in court. It was a rival bidder for the lucrative unit.
