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

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It now seems very likely that Toshiba will successfully sell 49% of its memory chip business to Bain Capital which includes partners Apple and Dell for $18B USD clearing up all debts related to the nuclear power industry with almost $1B left over to fund new investments in the memory business.

Toshiba today announced breakthrough battery technology which will allow electric cars to recharge in six minutes.


Toshiba expects to bring this new technology to market in 2019. 

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