Transfer of Fujitsu HDD Business to Toshiba Once More Extended
From September 1, 2009 to October 1, 2009
This is a Press Release edited by StorageNewsletter.com on August 24, 2009 at 4:01 pmFujitsu Limited and Toshiba Corporation announced that the target date for Fujitsu’s transfer of shares of Toshiba Storage Device Corporation (‘TSDC’) to Toshiba has been extended from September 1, 2009 to October 1, 2009.
Fujitsu and Toshiba announced on July 29, 2009, that Fujitsu’s hard disk drive business and functions will be transferred to a new company, TSDC. Under a contract between the companies, Fujitsu was to have transferred 80.1% of the shares of TSDC to Toshiba by the target date of September 1, 2009.
As part of the transfer process, Fujitsu and Toshiba are taking necessary procedures in various countries in accordance with local competition laws. In a certain country, however, the governmental review process has not been completed, and therefore the companies have decided to extend the target transfer date.
Comments
Following a memorandum of understanding signed by the two icompanies on February 17, 2009,
Toshiba was supposed to complete this transaction with Fujitsu in the first quarter of fiscal 2009. The conclusion of the deal was then reported on July 1st, 2009, and now is extended from September 1, 2009 to October 1, 2009.
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Transfer of Fujitsu HDD to Toshiba Delayed
Until August 1, 2009
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