Canon closes in on Toshiba's medical unit after fierce bidding

Toshiba Corp has granted Canon Inc exclusive negotiating rights for its medical equipment unit after a hotly contested auction, with a report putting Canon's offer at more than $6 billion.

The conglomerate put Toshiba Medical Systems Corp on the block to help fund restructuring after a $1.3 billion accounting scandal, attracting a bevy of suitors, particularly Japanese imaging companies seeking to expand beyond cameras to more lucrative products and services.

The second round of bidding, which saw offers go much higher than first estimated, included Fujifilm Holdings Corp, and Konica Minolta Inc which teamed up with European buyout firm Permira, sources familiar with the matter said earlier.