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Japan rescue fund to lead joint bid for Toshiba chip ops

Alliance may expand to include state-backed bank, Western Digital

| Japan

TOKYO -- The Innovation Network Corp. of Japan will orchestrate the expanding U.S.-Japan partnership for a joint bid for Toshiba's memory chip business, probably bringing on board some Japanese companies as well as Toshiba's American partner Western Digital.

The public-private fund's decision-making body met Friday to affirm plans to invest in the chip business in collaboration with U.S. private equity firm Kohlberg Kravis Roberts. The two have begun an asset appraisal of Toshiba Memory, with a hope of hammering out details of the investment before the second round of competitive bidding.

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