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China's Tsinghua Unigroup denies reports of Toshiba chip bid

Chinese semiconductor company Tsinghua Unigroup Ltd. denied media reports which said it was among the bidders for Toshiba Corp.'s chip business, Reuters reported March 30.

In a statement posted on its website, the state-owned company said: "Tsinghua Unigroup never participated in the bid and related matters."

Toshiba has just gained shareholder approval to spin off its memory chip business in order to put it up for sale. It is looking to raise at least $9 billion to cover charges at its struggling U.S. nuclear unit Westinghouse Electric Co. LLC, which has filed for Chapter 11 bankruptcy protection.