According to CNET, Hitachi might be talking to Fujitsu and Toshiba about combining their hard drive divisions to form a new company. Each of them would own a third of the newly formed company, but keep in mind that this story is still unconfirmed.
Recently, Hitachi has been in talks with Silver Lake, an equity firm that took Seagate private and put it back on its feet. It seems that Hitachi and Silver Lake weren't able to reach an agreement and the proposed three-way deal might be the next best thing for Hitachi.
Even if the deal with Fujitsu and Toshiba fails to materialize, this rumor might eventually help Hitachi in any future talks with Silver Lake.