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SK hynix remains silent on Toshiba voting rights speculation

PUBLISHED : July 04, 2017 - 15:48

UPDATED : July 04, 2017 - 16:43

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[THE INVESTOR] South Korean chipmaker SK hynix, which recently joined a global consortium to purchase Japan-based Toshiba‘s memory business, on July 4 declined to clarify whether the company can exercise voting rights in the newly purchased business.

“The negotiations are still under progress, and details are open to change,” an official from SK hynix said in response to the latest reports from Japan that the South Korean company is seeking voting rights.

Japan-based Kyodo earlier reported that SK hynix is seeking up to 33.4 percent of voting rights in Toshiba’s chip arm.

 

Toshiba signage in Tokyo.



Related:
Lotte chief becomes white knight for SK’s Toshiba bid
Toshiba picks Japan-US-Korea consortium as preferred bidder for chip business


Industry watchers earlier expected that Japanese players of the consortium will take 66 percent of the combined stake, with U.S.-based Bain Capital controlling the rest.

Taking anti-monopoly regulations, as well as the Japanese government‘s concern over technology leaks into account, SK hynix was expected to join the consortium by only offering loans, instead of directly winning voting rights.

“It is still meaningful that (SK hynix) participated in the deal, whether it actually wins voting rights or ends up only providing funds. It would be a significant threat to Samsung Electronics and SK hynix if Tohsiba’s chip business is acquired by China,” an industry insider said.

“Even if (SK hynix) fails (to win voting rights) this time, the company can also seek another opportunity to secure them in the future,” the insider added.

By Alex Lee and newswires (alexlee@heraldcorp.com)

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