Tuesday July 18, 2017
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Toshiba Corp CEO Satoshi Tsunakawa bows during a news conference after asking regulators for extension on financial filing and deal on chip unit sale in Tokyo June 23, 2017. — Reuters picToshiba Corp CEO Satoshi Tsunakawa bows during a news conference after asking regulators for extension on financial filing and deal on chip unit sale in Tokyo June 23, 2017. — Reuters picTOKYO, July 18 — Toshiba Corp shares rose more than 8 per cent today after a US judge postponed its decision in Western Digital Corp’s bid to temporarily block the Japanese company from selling its flash memory business in an US$18 billion (RM77.148 billion) deal.

Western Digital, which is also bidding for the prized unit, sued Toshiba in San Francisco County Superior Court in mid-June, saying it believed a joint venture with Toshiba means Toshiba needs its consent to sell the business.

At the hearing on Friday, Judge Harold Kahn proposed requiring Toshiba to give Western Digital two weeks notice before closing the sale.

The Tokyo market was closed yesterday for a national holiday.

As of 0012 GMT, Toshiba shares were up 7.9 per cent at ¥250 (RM9.51). — Reuters

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