Toshiba

Toshiba plans to spend 125 billion yen ($175.57 million) to more than double power chip production, aiming to catch up with power chip giants such as Infineon Technologies AG.

World Street | Ravagers of Red Sea; Google's Play Store penalty, coffee chaos in Europe; upset Applecart; Toshiba's quits call

From the continuing militancy in Red Sea to Google facing $700-million fine, and looming ban on Apple Watch to legal shocker for Donald Trump, here's a look at some of the developments from the world of business and economy

Explained: Why Toshiba got delisted after 74 years, what lies ahead

Toshiba has begun moving already, teaming up with investor Rohm to invest $2.7 billion in manufacturing facilities to jointly produce power chips.

Toshiba, Rohm to invest $2.7 billion to jointly produce power chips

The latest partnership is what the Japanese industry ministry has hoped for out of concerns that the country's power chip industry is too fragmented to catch up with industry giant Infineon Technologies AG.

Toshiba board recommends shareholders support tender offer by JIP-led consortium

Toshiba's board earlier this year accepted the buyout offer, which would value the Japanese electronics conglomerate at 4,620 yen a share or 2 trillion yen ($14.29 billion) in total, but did not go as far as recommending shareholders to tender their shares.

Toshiba expects 0.5% drop in annual profit ahead of JIP buyout

Toshiba forecasts operating profit of 110 billion yen ($814.51 million) for the year through March 2024, almost flat with 110.5 billion yen a year prior.

A $15 billion buyout? Take the money and run

A discounted Toshiba leveraged buyout is as good as it gets for the storied Japanese conglomerate after years of missteps

Toshiba said to accept $15 billion buyout bid from JIP group

The Tokyo-based company’s board approved on Thursday a bid of about 2 trillion yen ($15.3 billion) from a group led by domestic private equity firm Japan Industrial Partners Inc., said one of the people, who asked not to be identified as the information is private.

Hedge funds are having a hard time running this business

Toshiba has proved difficult to govern, but even so, foreign investors have failed to do much for its operations

Toshiba says aims to reach deal with potential partners soon as possible

The letter from Akihiro Watanabe, chairperson of the board, and Jerry Black, chairperson of Toshiba's special committee looking at strategic alternatives, added there was no assurance that a deal would be reached.

Toshiba logs surprise quarterly operating loss on higher materials costs

The loss of 4.8 billion yen ($35.6 million), its first quarterly loss in two years, compares with a profit of 14.5 billion yen a year earlier and a consensus estimate of a 19.4 billion yen profit from four analysts polled by Refinitiv.

Over 20% of Toshiba investors against activist fund executives, dissident director

Such a level of opposition to company-backed candidates remains rare in Japan, although cases of rejection are on the rise as shareholder activism has begun to take root.

Toshiba board gains two directors from activist funds in historic shift

Nabeel Bhanji, a senior portfolio manager at Elliott Management, and Eijiro Imai, managing director at Farallon Capital Management were elected, as was Akihiro Watanabe, an executive from boutique U.S. investment bank Houlihan Lokey, who becomes chairman of its board.

Toshiba director Mariko Watahiki tenders resignation after shareholder vote

Watahiki, a former high court judge, had objected to appointing the candidates put forward by Elliott Management and Farallon Capital Management, saying the pair's presence on the board would skew it toward activist investors.

Toshiba shareholders to endorse director nominees as buyout expectations grow

The company has nominated executives from Elliott Management and Farallon Capital Management for approval as outside directors at its annual general meeting, a move designed to end a long-running battle between the company and activist investors.

Bidders weigh offers valuing Toshiba at up to $22 billion: Sources

Toshiba, which is exploring strategic options, said this month it had received eight initial buyout proposals and two for capital alliances that would see it remain listed.

Toshiba, Sony lose court fight against EU cartel fine

The European Commission in 2015 fined five companies 116 million euros ($120.5 million), with the biggest fine of 41.3 million euros going to Toshiba Samsung Storage Technology, a joint venture of Toshiba and Samsung Electronics.

Toshiba to tell shareholders that activist nominees not approved unanimously: Sources

The embattled conglomerate plans to include the note on the divided vote in its notice of the annual shareholders meeting on June 28, to be published next week, the two sources said, declining to be identified because the matter is still private.

Toshiba reveals buyout bids as privatization odds increase

The Tokyo-based company outlined the number of non-binding offers received in a statement Thursday, without disclosing the bidders. It will evaluate the proposals and choose one or more of them to pursue, as soon as possible after the annual shareholder meeting scheduled for June 28.

Toshiba now plans to split into two, bumps up shareholder return targets

Its revised plan, however, is still expected to face much pushback from foreign hedge funds, many of whom have been opposed to any kind of split and would prefer that the scandal-ridden Japanese conglomerate be taken private.

Toshiba now plans to split into two, hikes shareholder return targets

Under the new restructuring, Toshiba will just split off its device business, including the power chip unit. Previously it had aimed to split into three companies - one for energy and infrastructure, one for devices and one for flash memory chips.

Toshiba walked away from potential buyout talks and Brookfield offer: Sources

Toshiba’s decision to not pursue either course – some details of which have not been previously reported – and instead focus on a plan to split itself in three, has widened the gulf between the conglomerate and a number of its hedge fund investors, according to the people, all of whom declined to be identified because of the sensitivity of the issue.

Japan's Toshiba announces plan to split into three firms

The announcement confirms reports earlier in the week that said management was under pressure from shareholders to maximise the firm's value by dividing its businesses.

Toshiba India appoints Shuichi Ito as Managing Director

Shuichi Ito will succeed Tomohiko Okada, and lead Toshiba India’s energy and social infrastructure businesses in the country, a company statement said.

Toshiba board chair likely to scrape through with reappointment at crucial AGM: Report

Osamu Nagayama has come under intense pressure to resign after an independent investigation this month found Toshiba had colluded with Japan's trade ministry to block foreign shareholders from gaining influence on the board at last year's annual general meeting.