A fund backed by the Japanese government has hinted that it may try to prevent Apple supplier Foxconn’s attempt to take control of Toshiba’s chip-making division. It has been variously reported that Foxconn is seeking either an outright purchase of the division, or a controlling stake – possibly with Apple’s assistance …
Reuters reports that the state-backed Innovation Network Corp of Japan fund – which has not taken place in the first-round bidding – is now considering a minority stake.
As we noted last time, the Japanese government is likely uneasy about Foxconn’s bid.
“Given the size of the deal, I cannot say we won’t have anything to do with it,” INCJ Chairman Toshiyuki Shiga told reporters.
Apple had reportedly believed that it could alleviate such concerns by taking a share of ‘more than 20%’ which would, alongside other investors, deny Foxconn outright control of the division.
Apple having a significant stake in the business, which makes flash storage chips, would allow the company to reduce its dependence on Samsung. It is, however, not currently listed as a bidder.
Photo: Tokyo skyline by Lonely Planet
