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Toshiba to give Western Digital exclusive negotiation rights on chip unit sale

Toshiba Corp. finalized its decision to give exclusive negotiation rights to a U.S.-Japan consortium led by joint-investor Western Digital Corp. for the sellout of its chip unit Toshiba Memory Corp. The decision is to be approved at a board meeting on Aug. 31.

The fine details of the sale, such as the degree of management power awarded to Western Digital over the unit, will be discussed with the goal of reaching a final agreement by mid-September.

While Toshiba is in effect negotiating solely with the Western Digital-led consortium currently, it does not mean that the electronics giant has completely halted talks with a Japan-U.S.-South Korea consortium -- including South Korean chipmaker SK Hynix Co., U.S. investment fund Bain Capital and Japanese public-private Innovation Network Corporation of Japan -- or with Taiwanese electronics maker Hon Hai Precision Industry Co.

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