Berliner Boersenzeitung - Toshiba unveils new plan to split into two companies

EUR -
AED 3.833036
AFN 72.965693
ALL 98.471179
AMD 410.488288
ANG 1.873203
AOA 958.000963
ARS 1062.038807
AUD 1.66843
AWG 1.878434
AZN 1.766427
BAM 1.956221
BBD 2.098651
BDT 124.206714
BGN 1.955593
BHD 0.392184
BIF 3072.96093
BMD 1.043574
BND 1.411604
BOB 7.182545
BRL 6.351196
BSD 1.039424
BTN 88.365005
BWP 14.36609
BYN 3.401532
BYR 20454.059244
BZD 2.089349
CAD 1.499345
CDF 2995.05897
CHF 0.932946
CLF 0.037363
CLP 1030.951736
CNY 7.614337
CNH 7.609349
COP 4549.678541
CRC 524.41279
CUC 1.043574
CUP 27.654723
CVE 110.288721
CZK 25.122494
DJF 185.089809
DKK 7.459825
DOP 63.293613
DZD 140.679257
EGP 53.089735
ERN 15.653617
ETB 129.567767
FJD 2.418014
FKP 0.826492
GBP 0.830541
GEL 2.93199
GGP 0.826492
GHS 15.279286
GIP 0.826492
GMD 75.137432
GNF 8979.931397
GTQ 8.008723
GYD 217.45677
HKD 8.1152
HNL 26.384675
HRK 7.485461
HTG 135.979246
HUF 414.003677
IDR 16875.955523
ILS 3.804173
IMP 0.826492
INR 88.654261
IQD 1361.59285
IRR 43921.44146
ISK 145.182373
JEP 0.826492
JMD 162.624977
JOD 0.739996
JPY 163.239012
KES 134.188861
KGS 90.791231
KHR 4176.898364
KMF 486.43613
KPW 939.216423
KRW 1509.44706
KWD 0.321369
KYD 0.866186
KZT 545.867405
LAK 22749.89303
LBP 93077.018935
LKR 305.165635
LRD 188.650575
LSL 19.135816
LTL 3.081404
LVL 0.631248
LYD 5.107098
MAD 10.46095
MDL 19.145118
MGA 4904.05476
MKD 61.548238
MMK 3389.48911
MNT 3546.065849
MOP 8.32099
MRU 41.336891
MUR 49.25533
MVR 16.074375
MWK 1802.287635
MXN 20.948886
MYR 4.704445
MZN 66.688299
NAD 19.135816
NGN 1617.06
NIO 38.248226
NOK 11.818742
NPR 141.384409
NZD 1.847868
OMR 0.401566
PAB 1.039424
PEN 3.870432
PGK 4.214907
PHP 61.435071
PKR 289.313125
PLN 4.262104
PYG 8104.743162
QAR 3.789115
RON 4.979519
RSD 117.055686
RUB 107.251485
RWF 1448.911631
SAR 3.919987
SBD 8.748864
SCR 14.552642
SDG 627.709679
SEK 11.516721
SGD 1.41425
SHP 0.826492
SLE 23.790453
SLL 21883.237615
SOS 594.027763
SRD 36.661863
STD 21599.884172
SVC 9.094956
SYP 2622.01237
SZL 19.131115
THB 35.711018
TJS 11.370846
TMT 3.662946
TND 3.312012
TOP 2.444153
TRY 36.698543
TTD 7.054517
TWD 34.052871
TZS 2468.53093
UAH 43.591676
UGX 3812.820058
USD 1.043574
UYU 46.359971
UZS 13400.882252
VES 53.718256
VND 26564.187656
VUV 123.895249
WST 2.883175
XAF 656.098113
XAG 0.035368
XAU 0.000398
XCD 2.820312
XDR 0.792871
XOF 656.098113
XPF 119.331742
YER 261.284971
ZAR 19.072706
ZMK 9393.420989
ZMW 28.765187
ZWL 336.030548
  • SCS

    -0.5800

    11.74

    -4.94%

  • BCC

    -0.2600

    122.75

    -0.21%

  • RELX

    -0.3100

    45.47

    -0.68%

  • NGG

    0.8200

    58.5

    +1.4%

  • VOD

    0.0100

    8.39

    +0.12%

  • BCE

    0.0500

    23.16

    +0.22%

  • RBGPF

    59.9600

    59.96

    +100%

  • RIO

    -0.0900

    58.64

    -0.15%

  • RYCEF

    -0.0100

    7.27

    -0.14%

  • CMSC

    0.0200

    23.86

    +0.08%

  • CMSD

    0.0000

    23.56

    0%

  • GSK

    0.1700

    33.6

    +0.51%

  • AZN

    0.9100

    65.35

    +1.39%

  • BTI

    0.1131

    36.24

    +0.31%

  • JRI

    0.1100

    12.06

    +0.91%

  • BP

    0.1900

    28.6

    +0.66%

Toshiba unveils new plan to split into two companies
Toshiba unveils new plan to split into two companies

Toshiba unveils new plan to split into two companies

Japan's Toshiba on Monday announced plans to split into two companies, revising proposals to divide into three following a tumultuous period for the storied industrial conglomerate.

Text size:

The group said it plans to spin off its device segment, including the semiconductor business, in a bid to speed up decision-making and boost stock performance.

Shareholders, who have clashed with management on the best way forward for the troubled company, must still approve the proposal in a vote expected in March.

Last year, Toshiba said it would split into three companies in a move that analysts called a test case for other Japanese giants.

"Since this is the first large-scale spin-off transaction in Japan... it turned out there were obstacles which were not initially expected," Toshiba said Monday, referring to the original proposal made in November.

It has since decided that a two-way split "can significantly reduce separation costs, secure financial soundness for each company, and significantly reduce spin-off uncertainty".

Toshiba said it aims to complete the split in the second half of the 2022-23 financial year.

Other multinational giants including General Electric and Johnson & Johnson have also announced plans in recent months to split into multiple companies -- a move analysts say is in large part forced on them by financial markets.

Spinoffs can be a way for large corporations to create more value when share prices are buoyant, such as during the Covid-19 market rally last year.

Toshiba's latest plans cap years of turmoil for the group, which dates back to 1875 and was once a symbol of Japan's advanced technological and economic power.

Last year, shareholders voted to oust the board's chairman after a series of scandals and losses, in a rare victory for activist investors in corporate Japan.

The company also on Monday announced plans to sell air-conditioning subsidiary Toshiba Carrier to the US-based Carrier Corporation in a deal reportedly worth some 100 billion yen ($867 million).

The conglomerate currently owns 60 percent of the air-con company's shares and will retain only five percent when the sale is completed later this year.

In a statement, Toshiba said it hoped the sale would allow Toshiba Carrier to "realise its full growth potential" as global demand for cooling systems grows.

It is not the only interest Toshiba is looking to shed, according to Nikkei Asia, which reported that the group is also mulling the sale of Toshiba Elevator and Building Systems Corp, and Toshiba Lighting & Technology.

(H.Schneide--BBZ)