March 26, 2018 / 12:04 AM / 5 months ago

RPT-Toshiba says regulatory approval pending but aims for chip sale soon

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TOKYO, March 26 (Reuters) - Japan’s Toshiba Corp said on Monday it had yet to receive clearance from all regulators for the sale of its prized $18 billion memory-chip business by its self-imposed end-March deadline, but added it aimed to sell it as early as possible.

The conglomerate agreed last year to sell the world’s second-biggest producer of NAND flash memory chips to a consortium led by U.S. private equity firm Bain Capital to plug a financial hole left by the bankruptcy of its U.S. nuclear unit. It had faced a March 23 deadline to win Chinese antitrust approval to sell the business by March 31.

In a statement, Toshiba said it had yet to confirm regulatory approval from all authorities, without naming China.

“We do not yet know when the transfer will be completed, but we will continue to aim for the sale soon,” Toshiba said. A spokesman said the company had not yet given up on closing the deal by the end of this month. (Reporting by Chang-Ran Kim and Makiko Yamazaki; Editing by Stephen Coates)

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