Bid for Toshiba chip unit ‘inaccurate’

Source:Global Times Published: 2017/3/8 22:18:41

A recent media report that domestic appliance manufacturer Midea Group is interested in investing in Japan-based Toshiba's semiconductor unit is "inaccurate," according to a statement Midea sent to the Global Times on Wednesday.

However, the company did not respond to questions regarding whether it plans to acquire that business, only noting that it is communicating with the primary media source about the matter.

The comment came after the Nikkei Asian Review quoted a company executive on Wednesday as saying that the appliance maker seeks to purchase Toshiba's semiconductor business and has "an internal Toshiba strategy team."

The executive, who the report claimed to be the group's senior vice president Yuan Liqun, told Nikkei on the sidelines of the National People's Congress that "Midea is an open corporation, and should the investment [in Toshiba's chipmaking unit] go though, the company has the capacity to incorporate it."

But according to Midea's statement, Yuan is "the senior vice president of a subsidy of listed Midea Group, not the group's executive, as stated in the report."

After communicating with her, the group found the report was inaccurate.

An employee of Midea Group, who declined to be identified, told the Global Times on Wednesday that he had not heard any information about the reported acquisition.

Midea has embarked on a global expansion in recent years.

In June, it purchased Toshiba's white goods operations in a deal worth 50 billion yen ($439.95 million).

In January, it offered 4.5 billion euros ($4.76 billion) to acquire German robotic maker Kuka.



Posted in: COMPANIES

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