Toshiba picks gov't-led group as preferred bidder for memory chip unit

Toshiba Corp. said Wednesday it has picked a government-led group including Japanese and U.S. entities as the preferred bidder for its profitable memory chip unit, as it seeks to recover from massive losses threatening its survival.The government-led consortium offered 2 trillion yen ($17.9 billion) to acquire Toshiba Memory Corp., with the Japanese bidders in the group set to hold a combined 66.6 percent of the chip company's voting rights, according to sources.Cash-strapped Toshiba is rushing to complete the sale of Toshiba Memory to raise funds to make up for huge losses in its U.S. nucl…READ FULL ARTICLE