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Toshiba fails to sign agreement for sale of semiconductor business as planned

( July 3, 2017, 01:46 GMT | Insight) -- Toshiba, which had planned to sign an agreement to sell its semiconductor business by the end of last month, couldn't do so in part because the bidding consortium led by Innovation Network Corp. of Japan was reluctant to purchase the operations until the company resolves its ongoing dispute with Western Digital, the Asahi newspaper reports. Toshiba, which had planned to sign an agreement to sell its semiconductor business by the end of June, couldn't do so in part because the bidding consortium led by Innovation Network Corp. of Japan was reluctant to purchase the operations until the company resolves its ongoing dispute with Western Digital, the Asahi newspaper reports. In a related development, Toshiyuki Shiga, chairman and CEO of Innovation Network, told reporters Friday that the current bidding framework could be altered. His remarks could be interpreted to mean that the consortium may allow Western Digital to participate, the newspaper says.  Western Digital, which has semiconductor operations with Toshiba, wants to block the sale to a third party. ...

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