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Business deals

Toshiba clears hurdle in bid for chip equipment maker NuFlare

Offer wins support from key shareholder Toshiba Machine

Toshiba seeks greater control of chip equipment unit NuFlare. (Photo by Makoto Kawakami)

TOKYO -- Toshiba Machine said Wednesday it will sell the company's nearly 16% stake in NuFlare Technology to Toshiba, easing the way for the Japanese technology group to take control of the chip equipment maker.

The board decision comes less than a day before the 3:30 p.m. Jan. 16 deadline for Toshiba's tender offer, which sparked a bidding war over NuFlare but now has a greater chance of succeeding.

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