![]() ![]() However, it remains to be seen whether this change in ownership will lead to a revival of the conglomerate, which never fully recovered from the 2015 accounting scandal, in which Toshiba’s management was found to have overstated revenues by $1.2bn over 7 years, and the losses incurred after Westinghouse, a company’s subsidiary operating in the nuclear power construction business, declared bankruptcy.įounded in 1939 by the merger of two Japanese companies, Toshiba is one of the biggest multinational conglomerates in Japan its operations span across various sectors, among which are electronics, semiconductors, infrastructure, building, and energy. The deal would pose an end to the years of battles between management and activist investors, who had been demanding turnarounds in strategy and management reshuffles, and would allow top shareholders, such as Effissimo Capital Management, to exit their positions. If the deal were to go through, it would be the biggest take-private operation the Japanese market has ever seen. On March 23, 2023, the Board of Directors approved a $15bn offer from a consortium of 17 domestic companies and 6 financial institutions, led by Japan Industrial Partners, a Japanese private equity fund. ![]() After years marked by scandals, accounting malpractices, poor strategic decisions, and an overall faulty corporate governance, Toshiba seems to have found a buyer.
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