TOKYO, Sept 21 — Japanese industrial giant Toshiba marked the end of an era as a listed company today as it announced that a private consortium had bought almost 80 per cent of...
TOKYO, Sept 21 — Japanese industrial giant Toshiba marked the end of an era as a listed company today as it announced that a private consortium had bought almost 80 per cent of its shares.
Toshiba traces its roots back to 1875 and evolved into a vast conglomerate in the 20th century synonymous with Japan’s postwar economic revival and its technological innovation. But it has lurched from crisis to crisis in recent years, including a huge accounting scandal in 2015 and billions of dollars in losses from US nuclear subsidiary Westinghouse.
Finally, Toshiba’s board accepted in March the takeover bid by the consortium that includes more than 20 Japanese banks and other firms.
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