Foxconn asks for SoftBank cooperation in bid for Toshiba chip unit: Nikkei

Foxconn asks for SoftBank cooperation in bid for Toshiba chip unit: Nikkei”

Apple is thought to be eyeing the microchip business owned by teetering Japanese giant Toshiba in an audacious bid to cement its dominance in tech.

The biggest culprit: The bankruptcy filing of its US nuclear unit, Westinghouse Electric, last month after delays and billions of dollars in cost over-runs in building USA reactors.

On Tuesday Toshiba warned it may not continue as a 'going concern.

Today, a Reuters report confirmed that now Toshiba has narrowed the field of bidders for its chip unit to four suitors: Broadcom, SK Hynix, Western Digital and Foxconn. That definitely says something about the strength and corporate appeal of this chip business. The move would help the company secure a stable supply of memory chips for its devices. NHK did give an exact amount for how much Apple is looking to spend, but Bloomberg reported earlier this month that Foxconn was considering a bid of $27 billion.

On Tuesday, Toshiba took the unusual step of reporting third-quarter earnings without approval from its auditors.

Toshiba has faced tough financial difficulties over the previous year, leading to dissatisfied investors lashing out at Chief Executive Satoshi Tsunakawa for making the company "a laughingstock around the world". The company has incurred billions of dollars of loss from delays and cost overruns on projects in Georgia and SC.

This further jeopardized Toshiba's listing on the Tokyo Stock Exchange.

Apple Inc is considering teaming up with its supplier Foxconn to bid for Toshiba Corp's semiconductor business, public broadcaster NHK said on Friday - the latest twist in the sale of the world's second-biggest flash memory chipmaker. Flash memory is a pricey affair, and therefore, Apple could be interested in acquiring the unit in order to enhance the storage capacity of its iPads and iPhones.

Toshiba could even retain a partial stake in the chip venture itself to smooth things out with regulatory authorities.

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