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4-Traders Homepage  >  Equities  >  KOREA EXCHANGE  >  Samsung Electronics Co Ltd    005930   KR7005930003

SAMSUNG ELECTRONICS CO LTD (005930)
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Toshiba discussing joint investment in chips with Western Digital

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10/13/2017 | 09:05am CEST
FILE PHOTO: Shoppers look at Toshiba Corp's Regza television at an electronics store in Yokohama

YOKKAICHI, Japan (Reuters) - Toshiba Corp (>> Toshiba Corp) said it is discussing joint investment in a new chip production line with Western Digital Corp (>> Western Digital) - its estranged business partner after the Japanese firm chose a different suitor to buy its $18 billion semiconductor business.

YOKKAICHI, Japan (Reuters) - Toshiba Corp (>> Toshiba Corp) said it is discussing joint investment in a new chip production line with Western Digital Corp (>> Western Digital) - its estranged business partner after the Japanese firm chose a different suitor to buy its $18 billion semiconductor business.

After a long and highly contentious auction, Toshiba agreed last month to sell the prized chip unit to a consortium led by Bain Capital LP, overcoming a key hurdle as it scrambles for funds to cover billions of dollars in liabilities arising from its now bankrupt U.S. nuclear unit Westinghouse.

Western Digital (>> Western Digital), which became Toshiba's chip venture partner with its acquisition of SanDisk last year, argues that any deal will need its consent and has sought an injunction with the International Court of Arbitration.

Given competition with Samsung Electronics Co (>> Samsung Electronics Co Ltd), it is best to have amicable ties with Sandisk, Yasuo Naruke, the head of the flash memory chip unit told a news conference.

Representatives for Western Digital were not immediately available for comment.

Western Digital, one of world's leading makers of hard disk drives, paid some $16 billion last year to acquire SanDisk, Toshiba's chip joint venture partner since 2000.

It sees chips as a key pillar of growth and is desperate to keep the business out of the hands of rival chipmakers. The Bain consortium includes South Korean chipmaker SK Hynix Inc (>> SK Hynix Inc).

Toshiba said this week it would invest an additional 110 billion yen (£871 million) in the Fab 6 chip production line in Yokkaichi, central Japan, on top of a planned initial investment of 195 billion yen.

(Reporting by Kentaro Hamada; Writing by Taiga Uranaka; Editing by Edwina Gibbs)

By Kentaro Hamada

Stocks mentioned in the article
ChangeLast1st jan.
HOYA CORPORATION 0.21% 6554 End-of-day quote.14.16%
SAMSUNG ELECTRONICS CO LTD --End-of-day quote.
SK HYNIX INC --End-of-day quote.
TOSHIBA CORP -0.28% 351 End-of-day quote.8.33%
WESTERN DIGITAL -1.06% 76.64 Delayed Quote.-3.58%
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Financials (KRW)
Sales 2018 251 244 B
EBIT 2018 64 564 B
Net income 2018 48 460 B
Finance 2018 87 049 B
Yield 2018 3,02%
P/E ratio 2018 6,60
P/E ratio 2019 6,53
EV / Sales 2018 0,99x
EV / Sales 2019 0,86x
Capitalization 336 705 B
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Mean consensus OUTPERFORM
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Average target price 66 688  KRW
Spread / Average Target 41%
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Dongjin Koh Co-President, Co-CEO & Director
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Jae-Yong Lee Director
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