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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  SK hynix, Inc.    A000660   KR7000660001

SK HYNIX, INC.

(A000660)
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Toshiba says Western Digital overstating rights over chip business

09/14/2017 | 01:19am EST
FILE PHOTO: A Western Digital Corporation hard drive is pictured here in Encinitas, California

TOKYO (Reuters) - Toshiba Corp (>> Toshiba Corp) said its business partner Western Digital Corp (>> Western Digital) had been "persistently" overstating its rights over a memory chip unit that the Japanese firm is looking to offload, showing the two remain at loggerheads over the $18 billion sale.

TOKYO (Reuters) - Toshiba Corp (>> Toshiba Corp) said its business partner Western Digital Corp (>> Western Digital) had been "persistently" overstating its rights over a memory chip unit that the Japanese firm is looking to offload, showing the two remain at loggerheads over the $18 billion sale.

The statement from the embattled Japanese conglomerate comes a day after it said it was stepping up talks to sell the unit to a group led by Bain Capital and South Korean chipmaker SK Hynix (>> SK Hynix Inc). But it also said it would continue weighing a rival offer from Western Digital.

"Toshiba regrets that Western Digital persistently overstates its limited consent rights in public statements," the Japanese company said in a statement, referring to the U.S. firm's claim that its consent was required for a sale as it had invested in Toshiba's semiconductor plant.

Western Digital on Wednesday said it was confident of its ability to protect its rights in the joint venture with Toshiba, which is the world's No.2 producer of NAND memory chips.

The two companies had last month entered final-stage talks, aiming to sign a deal and put their legal battle to rest, sources have said. But talks stalled as Toshiba, fearing Western Digital was angling to eventually take over the chip business, sought to limit the U.S. firm's future stake in the unit, the sources added.

In its statement on Thursday, Toshiba reiterated it "expects and is fully committed to completing a sale" by March 2018.

Without an agreement to sell the unit soon, it will be difficult for Toshiba to gain by the end of the financial year in March, regulatory approval and hence the funds it needs to cover billions in liabilities at it U.S. nuclear unit.

Toshiba is hoping to avoid reporting negative net worth, or liabilities exceeding assets, for a second straight year - a scenario that could knock it off the Tokyo Stock Exchange.

(Reporting by Ritsuko Ando; Editing by Himani Sarkar)

Stocks treated in this article : Toshiba Corp, SK Hynix Inc, Western Digital

© Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
AIMING INC. 7.94% 462 End-of-day quote.10.53%
AMP LIMITED -0.64% 1.555 End-of-day quote.-0.32%
LINE CORPORATION 0.00% 5350 End-of-day quote.0.00%
SK HYNIX, INC. -2.28% 128500 End-of-day quote.8.44%
WORLD CO., LTD. 0.84% 1319 End-of-day quote.5.27%
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Financials
Sales 2020 31 507 B 28,5 B 28,5 B
Net income 2020 3 713 B 3,36 B 3,36 B
Net Debt 2020 5 647 B 5,11 B 5,11 B
P/E ratio 2020 24,8x
Yield 2020 0,91%
Capitalization 87 894 B 79 464 M 79 544 M
EV / Sales 2020 2,97x
EV / Sales 2021 2,43x
Nbr of Employees 33 190
Free-Float 73,9%
Chart SK HYNIX, INC.
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Technical analysis trends SK HYNIX, INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 36
Average target price 147 986,11 KRW
Last Close Price 128 500,00 KRW
Spread / Highest target 40,1%
Spread / Average Target 15,2%
Spread / Lowest Target -28,0%
EPS Revisions
Managers and Directors
NameTitle
Seok-Hee Lee President, Chief Executive Officer & Director
Tae-Won Chey Chairman-Executive Board
Kwon Hong Managing Director & Head-Finance
Tae-Hoon Kim Managing Director & Head-Technology
Jung-Ho Park Director
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