Western Digital asks Apple for 50 billion Yen to help finance Toshiba memory chip bid

A group including Western Digital is seeking around 50 billion yen ($464 million) from Apple Inc to help finance a bid for Toshiba Corp’s memory chip unit.

A group including Western Digital is seeking around 50 billion yen ($464 million) from Apple Inc to help finance a bid for Toshiba Corp’s memory chip unit, Kyodo news agency reported on Friday.

Western Digital asks Apple for 50 billion Yen to help finance Toshiba memory chip bid

Representaive Image. Reuters

Western Digital, which jointly invests in Toshiba’s key chip plant, is leading a $17-18 billion bid for the chip business, sources have said. The sources said earlier in the week that the US firm offered to step back from the consortium’s financing in return for a stronger position in their joint venture.

A Western Digital spokeswoman said it could not comment on details of the talks.

This comes a day after a report said that Western Digital was in talks to gain voting rights of just under 16 percent in Toshiba Corp’s memory chip unit on the assumption that it will be listed in the future.

Western Digital, which jointly invests in Toshiba’s key chip plant but which has been at loggerheads with its partner over the auction, has offered to drop out of a group bidding for the unit in return for a stronger position in their joint venture, sources told Reuters earlier this week.

Two sources briefed on the talks said that Toshiba is now aiming to reach a final agreement with the Western Digital-backed consortium by 13 September.

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