Toshiba, the troubled Japanese conglomerate, will complete the $18 billion sale of its memory-chip business by June at the latest – missing its original 30 March deadline, the end of the financial year in Japan.
The company blamed the length of time that it has taken awaiting regulatory approval from China. Regulatory reviews in China typically take at least six months to conduct.
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However, the imperative to get the deal through by the end of the financial year has been much reduced following a series of cash injections.
Speaking to reporters today, Yasuo Naruke, the head of Toshiba’s memory-chip business said that the company had been working to get the deal closed by the end of the month, but that it could be April, May or June before the deal is finally closed.
The sale of the memory chip business – in which Toshiba will retain a dominant stake – is required to provide funds to plug a black hole in the company’s finances following the bankruptcy of its Westinghouse nuclear power development subsidiary in the US.
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