August 25, 2017 / 8:55 AM / a year ago

Western Digital won't seek management role in Toshiba chip business -sources

TOKYO, Aug 25 (Reuters) - Western Digital Corp, part of a group offering to buy Toshiba Corp’s memory chip unit, is not seeking a management role in the business, people familiar with the matter said.

Toshiba is scrambling to sell its flash memory unit to cover losses from its bankrupt U.S. nuclear business Westinghouse. A consortium that includes Western Digital is offering around 1.9 trillion yen ($17.3 billion) for the unit, with the U.S. firm offering 150 billion yen through convertible bonds, separate people said on Thursday.

The U.S. company will initially not seek voting rights, and will promise to limit its voting rights to no more than one-third even after it converts its bonds to shares, said the people who spoke to Reuters on Friday. They spoke on condition of anonymity as the talks were confidential.

($1 = 109.5900 yen)

Reporting by Kentaro Hamada, Makiko Yamazaki and Taro Fuse; Writing by Ritsuko Ando; Editing by Christopher Cushing

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