Japanese firm mulls joint-bid with Broadcom for Toshiba chip business

Japanese firm mulls joint-bid with Broadcom for Toshiba chip business

The auction of Toshiba's prized chips asset is essential to the company's plans to cover multi-billion dollar writedowns at its USA nuclear unit Westinghouse.

Hon Hai has also called on Sharp Corp., which it acquired in 2016, as well as Apple Inc.to provide funds as Hon Hai makes a second bid for Toshiba Memory.

Hon Hai, owner of Foxconn Technology, is believed to be the highest bidder for Toshiba Memory so far, offering almost JPY 3 trillion in the first round of bidding, other sources familiar with the matter have said. The latest players said to be lining up potential bids are Apple and Google.

Broadcom, which has partnered with private equity firm Silver Lake Partners LP, put in the highest first-round offer of 2.5 trillion yen (US$23 billion) for the chip business, while Taiwan's Hon Hai Precision Industry Co, the world's largest electronics contract manufacturer, offered 2 trillion yen, a person familiar with the matter has said.

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What it looks like is that Hon Hai could take a stake of about 30 percent stake and have parties including Apple and Japanese companies also invest in the chip company.

The business is run as a joint venture with Western Digital under a deal that is said to give the U.S. company exclusive negotiating rights over any acquisition of Toshiba's stake. Both things would lessen Japanese government worry about Foxconn getting hold of prized Japanese economic assets.

The Japanese conglomerate Toshiba plans to split most of its main business branches, in addition to its memory chip unit, in order to improve its financial health, media reports said on Wednesday. Western Digital, a bidder for Toshiba Memory and the owner of SanDisk, is demanding exclusive negotiations as a result. DevOps, continuous delivery and containerisation.

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