DELISTING DEADLINE
Toshiba may cash in chips business
Tokyo — Shares in Toshiba skidded on Wednesday after the conglomerate said it would book a $6.3bn hit to its US nuclear unit and may sell a majority stake in its prized flash-memory chip unit as it scrambles for cash to stay in business. Facing a March 27 deadline to avoid a delisting, CE Satoshi Tsunakawa said he would consider selling most, even all, of the chips business — a turnaround from a previous stance that it would sell only about 20%. The change of direction has prompted investors to question whether the company would have a long-term future without control of the unit and could shake up the line of suitors keen on a piece of the world’s biggest NAND chip producer after Samsung Electronics. Nonperforming "Usually in a corporate turnaround plan, the company would keep its most competitive business after selling nonperforming businesses," said Masayuki Kubota, chief strategist at Rakuten Securities. "This turnaround plan gives no hope for Toshiba’s future." Taiwan’s Foxconn...
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