A Japanese consortium secures 78.65% of shares, ending the electronics group’s 74-year-long listing era.
Toshiba’s delisting from the Tokyo Stock Exchange would close a troubled decade marked by scandal and crippling losses.
The Tokyo-based company’s delisting from the Tokyo Stock Exchange would close a troubled decade at the firm, marked by scandal, crippling losses and clashes with activist shareholders that have slowed the company’s ability to innovate. Sumitomo Mitsui Banking Corp and other banks financing the buyout via ¥1.2 trillion in loans are also pushing for their own representatives in leadership positions, said the people, who asked not to be named as the matter is private.
A lengthy auction process has kept the inventor of the world’s first laptop and of flash memory in limbo during a year of sector-wide change brought about by surging interest in artificial intelligence. The company, whose businesses include nuclear power plants, power semiconductors, batteries and hard-disk drives, has circled through three presidents in as many years.
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