April 26, 2024

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[THE INVESTOR] SK Group Chairman Chey Tae-won left for Japan on April 24 to negotiate acquisition of the memory division Toshiba, industry sources said.

Chey is widely expected to meet executives of Toshiba to discuss SK hynix's intention to acquire the Japanese firm’s chip business.

Toshiba has put its stake in its memory operations up for sale as it struggles with losses from its nuclear power business in the US.

SK hynix, a maor chipmaker, has been moving to bolster its NAND flash memory operations. If it wins the deal, the company will become the No. 2 player worldwide.

Other sources said Chey may consider meeting officials from US Western Digital, which has been requesting Toshiba for exclusive rights to a takeover negotiation. Western Digital, also one of the bidders, has been holding close business ties with Toshiba since 2000.

By Alex Lee and newswires (alexlee@heraldcorp.com)