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14 December, 2017 00:00 00 AM
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Toshiba, Western Digital settle legal battle over chip unit sale

AFP

AFP, TOKYO: Toshiba settled legal disputes with US production partner Western Digital, both firms said yesterday, clearing the way for the embattled Japanese conglomerate’s multi-billion-dollar sale of its prized chip business.

Toshiba has been on the ropes after the disastrous acquisition of US nuclear energy firm Westinghouse, which racked up billions of dollars in losses before being placed under bankruptcy protection.

In order to survive and avoid a humiliating delisting from the stock exchange, Toshiba decided to sell its coveted chip business to a consortium led by Bain Capital.

But US chipmaker Western Digital, which has been engaged in joint production with Toshiba in Japan, opposed any sale to a third party without its consent and launched a series of legal actions.

That sparked counter-litigation by Toshiba, spawning fears the much-needed sale for the cash-strapped group could be derailed.

Yesterday, they said in a joint statement they “have entered into a global settlement agreement to resolve their ongoing disputes in litigation and arbitration, strengthen and extend their relationship, and enhance the mutual commitment to their ongoing flash memory collaboration”.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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