Toshiba and Fujitsu merge storage divisions

Confirming last month's rumors, Toshiba and Fujitsu say they've now reached an agreement to bring their hard drive operations under the same roof. As part of the agreement, Fujitsu will spin off its hard drive-related businesses into a separate company, and Toshiba will acquire approximately an 80% stake in that business. Fujitsu will relinquish its sub-20% stake after a "certain period of time," turning the business into a fully owned Toshiba subsidiary.