Toshiba’s management accepted the takeover proposal by a consortium led by JIP

The takeover would complete Toshiba’s restructuring. It has been struggling for many years due to accounting scandals, extensive losses and disagreements with investors, Reuters reported.

The takeover of Toshiba will be financed by investments from about 20 Japanese companies as well as loans from Japanese banks, writes Nikkei without specifying the source of his information. If the transaction takes place, it will according to Bloomberg this year to be among the largest acquisitions in Asia.

Toshiba’s problems were started in 2015 by a large-scale accounting scandal involving the overstatement of profits. In 2017, the bankruptcy of the US nuclear division Westinghouse followed. To raise money to cover the financial losses caused by the bankruptcy, Toshiba had to sell its microchip division.

Toshiba will not split, shareholders rejected management’s proposal

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