TOKYO (Reuters) – Japan Investment Corp (JIC) and Norinchukin Bank are considering buying Toshiba Corp, the Nikkan Kogyo Shimbun reported on Thursday, a Japan-led bid which may be more palatable to regulators and management than rival offers by foreign funds.
Private equity fund CVC Capital Partners, which has already made a preliminary offer for Toshiba, may join the bid to take the conglomerate private, but the Japanese funds would lead the offer, the newspaper said.
The newspaper said other government-affiliated funds may join the bid.
JIC declined to comment when contacted by Reuters, whereas Norinchukin officials were not immediately available.
CVC earlier this month proposed to take Toshiba private, and is expected to soon provide details of its $20 billion proposal.
The chairman of Toshiba’s board has criticised CVC’s offer so far as “lacking in substance”, and has also said it would require cautious consideration due in part to regulations over foreign investment in Japanese companies with strategic technologies.
Toshiba’s technology is used in missile guidance and other defence systems, for example.
(Reporting by Takashi Umekawa and Makiko Yamazaki; Writing by Ritsuko Ando; Editing by Shri Navaratnam and Christopher Cushing)