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Report: Toshiba mulls spin off of semiconductor ops with stake sale

Japan's Toshiba Corp. is considering a spin off of its semiconductor operations and selling a minority stake to Western Digital Corp., The Nikkei reported Jan. 18, citing people familiar with the matter.

The new company would be formed as early as the first half of this year, with Toshiba likely selling a stake of about 20% for ¥200 billion to ¥300 billion. Toshiba would hold a majority stake, and the new chip business would remain in group earnings, the report said.

The Japanese conglomerate is currently working to finalize restructuring steps and a write-down on its U.S. nuclear business, and is reportedly looking to maintain financial backing from lenders with the spinoff and other reform plans.

As of Jan. 18, US$1 was equivalent to ¥113.21.