HONG KONG/TOKYO (Reuters) - The Bain Capital-led consortium that bought Toshiba’s chip unit for $18 billion last week has filed for antitrust approval in China, a source familiar with the matter said, but it may have to wait nine months or more for a green light.
Toshiba is keen to complete the sale by the end of its fiscal year in March: it hopes to use the proceeds to plug a gaping balance sheet hole left by its now bankrupt U.S. nuclear subsidiary, and save itself from a potential delisting.
With the clock ticking, the request for antitrust approval was filed the day after the deal was signed, the source said.
But several sources familiar with the matter said the strategic nature of the semiconductor industry for China and political issues - including tense relations with South Korea, and the presence of SK Hynix (000660.KS) in the consortium - could delay China’s already lengthy regulatory process. read more here