Foxconn forms alliance with Apple and Sharp in its campaign to acquire Toshiba chips unit
By: Matthew Strong, Taiwan News, Staff Writer
TAIPEI (Taiwan News) – Foxconn Technology Group was getting closer to a takeover
of the memory chips unit of troubled Toshiba Corporation as it had formed an international alliance with Apple Inc. and SoftBank Group Corporation, news service Bloomberg reported Thursday.
Toshiba has been talking about selling off its memory division for months, as it is facing problems with other units, in particular its nuclear business in the United States.
An alliance including Bain Capital offered about US$19 billion for the memory chip maker, while KKR and Co. came up with a similar sum.
Foxconn, which is better known as Hon Hai Precision Industry Co., Ltd. (鴻海) in Taiwan, is not revealing details about its offering but it will be part of a major international alliance in order to avoid Japanese political fears of growing Chinese or Taiwanese influence over a key business, Bloomberg reported. [FULL STORY]