Western Digital Corp. WDC, +11.26% shares led gainers on the S&P 500 index SPX, +0.30% Monday after a report said inventory problems are hastening merger talks between the data-storage company and Japan-based partner Kioxia Holdings Corp. Western Digital shares surged 12% Monday after Reuters reported that inventory problems are prompting the two to consolidate against larger players like Samsung Electronics Co. 005930, +1.40%. The final company would be 43% owned by Kioxia, 37% owned by Western Digital, and the rest by existing shareholders in both companies, according to Reuters, citing unidentified sources close to talks.
This article was originally published by Marketwatch.com. Read the original article here.
