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An Australian defense official is warning about military tech gaps between the US and China. AdvertisementThe US and Australia must reinforce their industrial partnership and step up military preparations in the Indo-Pacific region amid China's increasingly aggressive behavior in the South China Sea, a high-ranking Australian defense official said this week. Jeffrey's comments come after years of rising tensions in the Indo-Pacific region. Advertisement"Russia and China are outpacing the US and its allies," Jeffrey said, according to the outlet, which noted that he was discussing military technology. AdvertisementThe Department of Defense said in a recent China Military Power Report that China is "the only competitor" to the US with the intent and capacity to change the global order.
Persons: , Hugh Jeffrey, Jeffrey, Biden Organizations: Service, Industry, Center for Strategic, International Studies, China Morning Post, Navy, US, US Army, BI, of Defense Locations: China, Asia, Australia, South China, Washington, DC, Russia, Taiwan, Indonesia
The result at Bain Capital-backed Kioxia, formerly Toshiba Memory, compares with a loss of 130.8 billion yen three months earlier. Merger talks between Kioxia and Western Digital (WDC.O) have stalled, Reuters reported previously, after Kioxia investor SK Hynix (000660.KS) said it did not back the deal. Selling prices have bottomed out, Kioxia said, pointing to expected higher shipments of smartphones and PCs next year. Revenue fell quarter-on-quarter with Kioxia saying the smaller loss was because of higher average selling prices with a boost from the weaker yen. Separately, Toshiba (6502.T), which holds a stake in Kioxia after selling its chip unit to the Bain-led consortium in 2018, posted a 26.7 billion yen net loss in the second quarter.
Persons: Kioxia, Bain, Sam Nussey, Tom Hogue Organizations: Taipei, REUTERS, Rights, Bain Capital, Toshiba, Western, Reuters, SK Hynix, Samsung Electronics, Revenue, Japan Industrial Partners, Thomson Locations: Taipei, Taiwan, Kioxia, KS
Japanese chipmaker Kioxia's products are displayed at its headquarters in Tokyo, Japan, September 30, 2021. REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsTOKYO, Oct 20 (Reuters) - Kioxia Holdings has reached out to state-backed Japan Industrial Partners (JIC) to invest in a planned merger of its flash memory business with that of Western Digital, Bloomberg News reported on Friday, citing people familiar with the matter. Japan's top banks are set to commit to 1.9 trillion yen ($12.67 billion) in financing to support the merger, Reuters reported on Thursday. read more($1 = 149.9400 yen)Reporting by Rocky Swift; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.
Persons: Kim Kyung, Rocky Swift, Christopher Cushing Organizations: REUTERS, Rights, Kioxia Holdings, Japan Industrial Partners, Western Digital, Bloomberg, Reuters, Thomson Locations: Tokyo, Japan
The logo of Toshiba Corporation is displayed at the company's building in Kawasaki, Japan, April 5, 2023. REUTERS/Androniki Christodoulou/File Photo Acquire Licensing RightsCompanies Toshiba Corp FollowTOKYO, Oct 12 (Reuters) - Toshiba Corp (6502.T) said on Thursday it will hold an extraordinary shareholder's meeting on Nov. 22 to approve the consolidation of its shares, which will be delisted from the Tokyo Stock Exchange on Dec. 20. The Japanese conglomerate Toshiba last month announced the success of a 2 trillion yen ($13.4 billion) tender offer from private equity firm Japan Industrial Partners. ($1 = 149.2100 yen)Reporting by Kantaro Komiya; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.
Persons: Androniki, Kantaro Komiya, Edmund Klamann Organizations: Toshiba Corporation, REUTERS, Toshiba Corp, Tokyo Stock Exchange, Toshiba, Japan Industrial Partners, Thomson Locations: Kawasaki, Japan
A Boeing 737 MAX-10 lands over the Spirit AeroSystems logo during a flying display at the 54th International Paris Air Show at Le Bourget Airport near Paris, France, June 22, 2023. Shanahan, who has served on the company's board since November 2021, will become interim CEO effective immediately, Spirit announced Monday. Spirit said its board will conduct a search to identify a new CEO, while Gentile will stay on as a consultant for three months. Gentile was named Spirit's CEO in August 2016, months after he joined the company as its chief operating officer. Over a 31-year career at Boeing, Shanahan was known as "Mr. Fix-It" for his ability to turn around poorly-performing programs.
Persons: Benoit Tessier, Patrick Shanahan, Tom Gentile, Shanahan, Spirit, Gentile, Richard Aboulafia, Aboulafia, Jim Mattis, Alex Krutz, Abhijith, Valerie Insinna, Shailesh Kuber, Sharon Singleton Organizations: Boeing, International Paris Air, Le, REUTERS, Pentagon, Spirit, Airbus, Patriot Industrial Partners, Aerospace Industries, Thomson Locations: Le Bourget, Paris, France, Kansas, Wichita , Kansas, Bengaluru, Washington
Sierra Space, the subsidiary of private aerospace contractor Sierra Nevada Corporation, is finalizing a raise of nearly $300 million, CNBC has learned. Sierra Space expects to announce the raise as soon as this week, those people said. Two years ago, Sierra Space raised $1.4 billion at a $4.5 billion valuation from investors including General Atlantic, BlackRock, AE Industrial Partners, Coatue and Moore Strategic Ventures. The fresh funds come as Sierra Space focuses on getting its Dream Chaser spaceplane flying. Sierra Space is also one of several companies working on a private space station.
Persons: MUFG Organizations: Space, Sierra Nevada Corporation, CNBC, Sierra, Tokio Marine, Citigroup, General Atlantic, Partners, Coatue, Moore Strategic Ventures, NASA Space Shuttle, United, Vulcan Locations: Tokio, BlackRock
A concept model of the Global Combat Air Programme (GCAP)'s fighter jet is displayed at the DSEI Japan defense show at Makuhari Messe in Chiba, east of Tokyo, Japan March 15, 2023. REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsROME, Sept 23 (Reuters) - Italy said on Saturday it will be an equal partner in the next-generation fighter program with Britain and Japan, as further talks are still underway on the project, including on where to base its headquarters. The three countries established the Global Combat Air Programme (GCAP) in December after Britain and Japan agreed to merge their fighter efforts in a ground-breaking collaboration that aims to deploy an advanced aircraft by the middle of the next decade. Reuters on Thursday reported that Japan and Britain were going to dominate design and manufacturing on the project, with London likely to lead its organisation due to its deeper and more recent experience in jet fighter development. "The Global Combat Air Programme, or GCAP, is an actual trinational programme based on the principle of equal sharing, as the Prime Ministers stated in the Joint Ministerial Declaration last December," an Italian defence ministry statement said.
Persons: Kim Kyung, Angelo Amante, Andrew Cawthorne Organizations: Global Combat Air, Makuhari Messe, REUTERS, Rights, Reuters, Combat Air, of Defence, Thomson Locations: Japan, Chiba, Tokyo, Italy, Britain, London
TOKYO, Sept 21 (Reuters) - Toshiba (6502.T) said on Thursday that a $14 billion tender offer from private equity firm Japan Industrial Partners (JIP) had ended in success - a deal which paves the way for the embattled industrial conglomerate to go private. "Activist shareholders and Toshiba were stuck with each other for years. Toshiba in March accepted the buyout offer valuing the industrial conglomerate at 2 trillion yen ($13.5 billion). Although some shareholders were unhappy with the price, Toshiba argued that there was no prospect of a higher offer or competing bid. Deals involving private equity have been particularly active, including a planned $6.4 billion buyout of materials maker JSR by a government-backed fund.
Persons: Travis Lundy, Taro Shimada, Androniki, Shimada, Lundy, JIP, Sony Group's, chipmaker Rohm, Makiko Yamazaki, Edwina Gibbs Organizations: Toshiba, Japan Industrial Partners, Quiddity Advisors, Toshiba Corporation, REUTERS, Sony, Chubu Electric Power, Thomson Locations: TOKYO, Kawasaki, Japan, Asia
The logo of Toshiba Corporation is displayed at the company's building in Kawasaki, Japan, April 5, 2023. The deal puts the electronics-to-power stations maker in domestic hands after years of battles with overseas activist shareholders. Toshiba in March accepted the buyout offer valuing the industrial conglomerate at 2 trillion yen ($13.5 billion). Although some shareholders were unhappy with the price offered, Toshiba argued that there was no prospect of a higher offer or competing bid. Although not well known overseas, JIP has been involved in corporate carve outs and spin offs from Japanese conglomerates, including Olympus' (7733.T) camera business and Sony Group's (6758.T) laptop computer business.
Persons: Androniki, Taro Shimada, JIP, Sony Group's, Shimada, chipmaker Rohm, Makiko Yamazaki, Christopher Cushing, Edwina Gibbs Organizations: Toshiba Corporation, REUTERS, Rights, Toshiba, Japan Industrial Partners, Olympus, Sony, Chubu Electric Power, Thomson Locations: Kawasaki, Japan
Tokyo Reuters —Toshiba said on Thursday that a $14 billion tender offer from private equity firm Japan Industrial Partners (JIP) had ended in success — a deal which paves the way for the embattled industrial conglomerate to go private. The deal puts the 148-year-old electronics-to-power stations maker in domestic hands after years of battles with overseas activist investors. Toshiba in March accepted the buyout offer valuing the industrial conglomerate at 2 trillion yen ($13.5 billion). Although some shareholders were unhappy with the price, Toshiba argued that there was no prospect of a higher offer or competing bid. It will mark the largest M&A deal in Japan this year.
Persons: , , Travis Lundy, Taro Shimada, Toshiba “, Shimada, , ” Lundy, JIP, chipmaker Rohm Organizations: Tokyo Reuters, Toshiba, Japan Industrial Partners, , Quiddity Advisors, ” Toshiba, Sony, Chubu Electric Power Locations: Tokyo, Orix, Japan, Asia
JIP gains 78.65% stake in Toshiba through tender offer
  + stars: | 2023-09-20 | by ( ) www.reuters.com   time to read: 1 min
The logo of Toshiba Corporation is displayed at the company's building in Kawasaki, Japan, April 5, 2023. REUTERS/Androniki Christodoulou/File Photo Acquire Licensing RightsTOKYO, Sept 21 (Reuters) - A consortium led by private equity firm Japan Industrial Partners (JIP) acquired 78.65% of Toshiba (6502.T) through a tender offer, the company said, coming a step closer to completing the $14 billion deal to take the company private. Ownership of more than a two-third majority would be enough for the JIP group to squeeze out remaining shareholders. Toshiba is now set to be delisted as early as December, ending its 74-year history as a listed firm. Reporting by Makiko Yamazaki; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.
Persons: Androniki, Makiko Yamazaki, Kim Coghill Organizations: Toshiba Corporation, REUTERS, Rights, Japan Industrial Partners, Toshiba, Thomson Locations: Kawasaki, Japan
REUTERS/Androniki Christodoulou/File Photo Acquire Licensing RightsTOKYO, Sept 20 (Reuters) - A $14 billion tender offer to take Toshiba (6502.T) private is set to succeed, private equity firm Japan Industrial Partners (JIP) said on Wednesday, clearing the way for Japan's biggest deal this year. JIP's tender offer, which closed on Wednesday, ends Toshiba's 74-year history as a listed firm and puts the electronics-to-power stations maker in domestic hands after years of battles with overseas activist shareholders. "It is forecasted that the tender offer will be successful," JIP said in a statement, suggesting that at least two-thirds of shareholders have tendered their shares. The final results of the tender offer will be announced once they are finalised, JIP added. Now that JIP has gained a two-third majority, the remaining shareholders would be squeezed out upon a vote at a planned emergency shareholder meeting.
Persons: Androniki, JIP, JIP's, LSEG, Makiko Yamazaki, Louise Heavens, Sharon Singleton Organizations: Toshiba Corporation, REUTERS, Rights, Toshiba, Japan Industrial Partners, Japan's, Effissimo Capital Management, Tokyo, Thomson Locations: Kawasaki, Japan, Asia
The logo of Toshiba Corporation is displayed at the company's building in Kawasaki, Japan, April 5, 2023. REUTERS/Androniki Christodoulou/File Photo Acquire Licensing RightsTOKYO, Sept 21 (Reuters) - A consortium led by private equity firm Japan Industrial Partners (JIP) gained 78.65% of Toshiba (6502.T) through a tender offer, Toshiba said, coming a step closer to completing a $14 billion deal to take the company private. Toshiba is now set to be delisted as early as December, ending its 74-year history as a listed firm. Toshiba "will now take a major step toward a new future with a new shareholder". Since 2015, Toshiba has been battered by accounting scandals, suffered heavy loss and came close to being delisted.
Persons: Androniki, JIP, chipmaker Rohm, Taro Shimada, Makiko Yamazaki, Kim Coghill, Christopher Cushing Organizations: Toshiba Corporation, REUTERS, Rights, Japan Industrial Partners, Toshiba, Thomson Locations: Kawasaki, Japan
REUTERS/Androniki Christodoulou/File Photo Acquire Licensing RightsTOKYO, Sept 15 (Reuters) - Toshiba's (6502.T) largest shareholder Effissimo Capital Management has decided to tender its 9.9% stake in the $14 billion takeover offer by Japan Industrial Partners (JIP), a source said on Friday, raising the odds of the bid succeeding. The offer, which will end on Sept. 20, needs at least two-thirds of shareholders to tender their shares for it to succeed. Other major shareholders, Elliott Management and Farallon Capital Management, both have their executives on Toshiba's board which has unanimously approved the JIP takeover. Singapore-based fund 3D Investment Partners, previously Toshiba's second-largest shareholder, revealed in a filing in March that it had cut its stake to 4.90% from 7.20%. Sources have said top activist shareholders were eager to exit, even though the offer price was unsatisfactory.
Persons: Androniki, JIP, Effissimo, Elliott, Makiko Yamazaki, Kantaro Komiya, Neil Fullick Organizations: Toshiba Corporation, REUTERS, Rights, Effissimo Capital Management, Japan Industrial Partners, Toshiba, Elliott Management, Farallon Capital Management, Major Toshiba, Partners, Investment Partners, Westinghouse, Thomson Locations: Kawasaki, Japan, Singapore
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailToshiba tender offer: Not much expectation for the price to be raised, says research firmMio Kato, founder of LightStream Research, discusses the $14 billion tender offer, led by Japan Industrial Partners, to take Toshiba private.
Persons: Mio Kato Organizations: Toshiba, LightStream Research, Japan Industrial Partners
TOKYO, July 28 (Reuters) - Toshiba Corp (6502.T) said on Friday a group led by Japan Industrial Partners (JIP) is expected to launch a tender offer for the industrial conglomerate "sometime in August 2023", a delay from late July. Toshiba said in a statement that procedures under foreign competition laws and regulations in some jurisdictions are not expected to be completed until after Aug. 1. The Toshiba board has approved the buyout offer, which values the electronics-to-power stations maker at 2 trillion yen ($14.35 billion) and would put it in domestic hands after years of battles with overseas activist shareholders. Some 20 Japanese companies, including financial services firm Orix (8591.T) and chipmaker Rohm Co (6963.T), plan to take part in the deal led by private equity firm JIP. read moreThe buyout group will promptly make an announcement when the conditions for the tender offer are fulfilled, or when there is any further change in the expected schedule, Toshiba said.
Persons: chipmaker Rohm, Makiko Yamazaki, Tom Hogue, Edmund Klamann Organizations: Toshiba Corp, Japan Industrial Partners, Toshiba, Thomson Locations: TOKYO
Data centres are facilities that host IT systems and applications. In April, Brookfield Infrastructure acquired French data centre group Data4 in a deal said to have valued the company at close to 3.5 billion euros, including debt. Asterion formed Nabiax in 2019 through the acquisition of 11 data centres from Telefonica across Spain and Latin America. In March, the group sold its Latin American operations to British infrastructure fund Actis, with a view to focusing on its home market. A sale of Nabiax could help Telefonica pay down debt, a focus for the Spanish telecoms giant.
Persons: Nabiax, Pablo Mayo Cerqueiro, Amy, Jo Crowley, Andres Gonzalez, Jesus Aguado, John O'Donnell, Louise Heavens Organizations: Reuters, Infrastructure, Asterion Industrial Partners, BBVA, Citigroup, Telefonica, Brookfield Infrastructure, Thomson Locations: Madrid, Telefonica, Spain, Latin America, British, London
Factbox: Japan ramps up efforts to strengthen its chip industry
  + stars: | 2023-06-26 | by ( ) www.reuters.com   time to read: +4 min
Below are investments in Japan announced by chipmakers and measures the government is taking to revive its semiconductor industry. Sony Group (6758.T) and auto parts maker Denso (6902.T), which will use the chips TSMC makes, are also investors. It said it would be the first chipmaker to bring EUV technology to Japan for production. It has offered TSMC a 476 billion yen subsidy, or about half the expected cost of the factory. Rapidus secured an initial 70 billion yen of funding from the government, and local media reported in April that the government was finalising a plan to provide an additional 300 billion yen.
Persons: TW, Rapidus, JIC, Makiko Yamazaki, Sam Nussey, Tim Kelly, Miho Uranaka, Miyoung Kim, Jamie Freed Organizations: Semiconductor, chipmakers, Taiwan Semiconductor Manufacturing, Sony Group, Micron Technology, Samsung Electronics, Reuters, Business Machines, IBM, Samsung, Nikon, Tokyo, Japan Investment Corp, Innovation Network Corp of Japan, Toshiba, Japan Industrial Partners, Thomson Locations: TOKYO, Japan, Kyushu, Denso, KS, Yokohama, Japan's, Chitose, Hokkaido, Rapidus, U.S, China, State
The world's largest air show, which alternates with Farnborough in Britain, is at Le Bourget for the first time in four years after the 2021 edition fell victim to the pandemic. On the civilian side, planemakers arrived with growing demand expectations as airlines rush for capacity to meet demand and help reach industry goals of net zero emissions by 2050. REUTERS/Benoit TessierIndiGo's deal highlights the growing importance of India, the world's fastest-growing aviation market, serving the largest population, to planemakers. In another key market, Airbus said Saudi budget airline flynas had firmed up an order for 30 of its A320neo-family narrowbody aircraft, confirming a Bloomberg report. France's Thales (TCFP.PA) also announced a contract from Indonesia for 13 long-range air surveillance radars.
Persons: Le Bourget, Emmanuel Macron, planemakers, Sash Tusa, Benoit Tessier IndiGo's, there's, Pieter Elbers, flynas, Avolon, Tim Hepher, Joanna Plucinska, Allison Lampert, Valerie Insinna, Aditi Shah, Julia Payne, Nandan Mandayam, Mark Potter, Jonathan Oatis Organizations: Airbus, Defence, Indian, Paris, Reuters, Air India's, Boeing, Farnborough, French Rafale, Industry, Partners, Air, REUTERS, Saudi, Bloomberg, Kyiv, Rafale, Eurofighter, Thales, Mexico's Viva, Thomson Locations: Paris, PARIS, Britain, UKRAINE, European, France, Germany, Spain, Le Bourget, India, Ukraine, Ukrainian, Belgium, Franco, Spanish, Indonesia, Air India
[1/2] A model of a Future Combat Air System (SCAF), a European aircraft developed by France, Germany and Spain is displayed during the 54th International Paris Airshow at Le Bourget Airport near Paris, France, June 19, 2023. On the civilian side, planemakers arrived with growing demand expectations as airlines rush for capacity to meet demand and help reach industry goals of net zero emissions by 2050. In another key market, Airbus said Saudi budget airline flynas had firmed up an order for 30 of its A320neo-family narrowbody aircraft, confirming a Bloomberg report. France's Thales (TCFP.PA) also announced a contract from Indonesia for 13 long-range air surveillance radars. The planemaker is also close to a potentially large order for narrow-body jets from Mexican low-cost carrier Viva Aerobus, industry sources said on Sunday.
Persons: Benoit Tessier, Le Bourget, Emmanuel Macron, planemakers, there's, Pieter Elbers, flynas, Tim Hepher, Joanna Plucinska, Allison Lampert, Valerie Insinna, Mark Potter Organizations: Air, Paris, REUTERS, Airbus, Defence, Indian, Reuters, Air India's, Boeing, Farnborough, French Rafale, Industry, Saudi, Bloomberg, Rafale, Eurofighter, Thales, Qantas, Viva Aerobus, Thomson Locations: European, France, Germany, Spain, Le Bourget, Paris, PARIS, Britain, India, Ukraine, Belgium, Franco, Spanish, Indonesia
[1/2] A model of a Future Combat Air System (SCAF), a European aircraft developed by France, Germany and Spain is displayed during the 54th International Paris Airshow at Le Bourget Airport near Paris, France, June 19, 2023. REUTERS/Benoit TessierPARIS, June 19 (Reuters) - The Paris Airshow opened on Monday with last-minute jet order negotiations and supply chain headaches competing for attention with rows of missiles, drones and futuristic transport. France's Thales (TCFP.PA) announced a contract from Indonesia for 13 long-range air surveillance radars. On the commercial side, planemakers arrived with growing demand expectations as airlines rush for capacity to meet demand and help reach industry goals of net zero emissions by 2050. Airbus is also close to a potentially large order for narrow-body jets from Mexican low-cost carrier Viva Aerobus, industry sources said on Sunday.
Persons: Benoit Tessier PARIS, Le Bourget, Emmanuel Macron, France's, planemakers, Tim Hepher, Joanna Plucinska, Allison Lampert, Valerie Insinna, Mark Potter Organizations: Air, Paris, REUTERS, Farnborough, French Rafale, U.S, Rafale, Eurofighter, France's Thales, Airbus, . Industry, Qantas, Viva Aerobus, Boeing, Thomson Locations: European, France, Germany, Spain, Le Bourget, Paris, Britain, Belgium, Franco, Spanish, Ukraine, Indonesia
Toshiba gives shareholder management masterclass
  + stars: | 2023-06-09 | by ( Una Galani | ) www.reuters.com   time to read: +3 min
Its limited visibility on the value of the memory-chip specialist was one reason it cited for its earlier restraint. Follow @ugalani on TwitterCONTEXT NEWSToshiba said on June 8 that its board has decided to recommend shareholders accept a tender offer from a group led by Japan Industrial Partners. The tender offer is expected to be launched some time from late July. Among other factors, it cited limited visibility into the value of chipmaker Kioxia, of which Toshiba owns around 40%. In recommending the offer, Toshiba noted the book value of Kioxia’s shares had fallen since its March announcement.
Persons: Paul Singer’s Elliott, Daniel Loeb’s, Jerry Black, Antony Currie, Katrina Hamlin Organizations: Reuters, Toshiba, Japan Industrial Partners, Paul Singer’s Elliott Management, Farallon Capital, Thomson Locations: MUMBAI, Kioxia, Japan
June 8 (Reuters) - Rocket maker Firefly Aerospace, founded by a former SpaceX engineer, said on Thursday it has acquired launch services company Spaceflight Inc in a push to boost its on-orbit servicing capabilities. Firefly is a space transportation company that helps customers such as NASA and General Atomics with launch, lunar and in-space services, while Spaceflight offers servicing for satellites and other spacecraft while in orbit. Demand has also shifted from launching a few satellites on small rockets to launching swarms of satellites at once using bigger rockets such as the ones made by SpaceX. Texas-based Firefly is trying to mass-produce its medium-sized rocket, while developing a larger launcher under a new partnership with Northrop Grumman (NOC.N). Firefly is among a handful of U.S. space companies vying to launch small satellites into space.
Persons: Atomics, Samrhitha, Devika Organizations: Firefly Aerospace, SpaceX, Spaceflight Inc, NASA, Spaceflight, Virgin Orbit, SpaceX ., Northrop Grumman, Industrial Partners, Thomson Locations: U.S, SpaceX . Texas, Bellevue , Washington, Bengaluru
TOKYO, June 8 (Reuters) - Japan's Toshiba Corp (6502.T) said on Thursday its board of directors has decided to recommend shareholders take up a tender offer from a consortium led by private equity firm Japan Industrial Partners (JIP). The board earlier this year accepted the buyout offer, which would value the conglomerate at 4,620 yen a share or 2 trillion yen ($14.29 billion), but did not go as far as recommending shareholders tender their shares. Since 2015, Toshiba has been battered by accounting scandals and suffered heavy loss, and came close to being delisted. Toshiba plans to hold an online press conference on the matter at 1:00 p.m. (0400 GMT). ($1 = 139.9100 yen)Reporting by Kiyoshi Takenaka; Editing by Shri Navaratnam and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.
Persons: Kiyoshi Takenaka, Shri Navaratnam, Christopher Cushing Organizations: Japan's Toshiba Corp, Japan Industrial Partners, Toshiba, Thomson Locations: TOKYO
Japan's Kioxia and U.S. chipmaker Western Digital have been hit hard by plunging market demand and oversupply. Combining their flash memory businesses could boost competitiveness against rivals like South Korea's Samsung Electronics (005930.KS). Western Digital did not respond immediately to a request for comment. Kioxia, previously Toshiba Memory, was sold by Toshiba Corp (6502.T) in 2018 to a consortium led by Bain Capital for $18 billion. Kioxia and Western Digital were in merger talks in 2021 before the negotiations stalled over a series of issues including valuation discrepancies.
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