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China approves Toshiba's plan to sell chip unit

In this file photo, Toshiba's head office is pictured in Tokyo's Minato Ward on June 15, 2017. (Mainichi)

TOKYO (Kyodo) -- China regulatory authorities have approved Toshiba Corp.'s plan to sell its chip unit to a Japan-U.S.-South Korean consortium, a source close to the matter said Thursday.

The Japanese conglomerate agreed last September to sell Toshiba Memory Corp. to a consortium that includes U.S. private equity firm Bain Capital and South Korean chip maker SK Hynix Inc. for 2 trillion yen ($18.1 billion).

Toshiba missed its initial end of March deadline for the completion of the deal due to prolonged antitrust screening by Chinese regulators.

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