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Tokyo — Cash-strapped Japanese industrial giant Toshiba said on Wednesday that it had picked a consortium led by US investor Bain Capital as the leading candidate to buy its prized chip business, in a deal reportedly worth about $18bn. The development is the latest twist in a long-running saga, as Toshiba considers three groups of suitors for its lucrative chip business. The Bain Capital-led group also includes the state-backed Development Bank of Japan and the public-private Innovation Network Corp of Japan, as well as South Korean chipmaker SK Hynix. Toshiba said its board of directors would continue talks with the consortium after it came up with a new proposal during the talks. "The company will work to expedite the conclusion of a stock purchase agreement by the end of September," Toshiba said. However, Toshiba stressed that it was a "nonexclusive" agreement that "does not eliminate the possibility of negotiations with other consortia". Other suitors in the frame are a group le...

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