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KKR - KKR & Co Inc News Story

$54.1 -2.2  -3.9%

Last Trade - 9:10pm

Large Cap
Market Cap £23.01bn
Enterprise Value £63.80bn
Revenue £7.11bn
Position in Universe 394th / 6853

UPDATE 1-Japan state-backed funds consider offer for Toshiba -report

Thu 15th April, 2021 2:02am
(Adds JIC declining to comment, background on CVC offer)
    TOKYO, April 15 (Reuters) - Japan Investment Corp (JIC) and
Norinchukin Bank are considering buying Toshiba Corp  6502.T ,
the Nikkan Kogyo Shimbun reported on Thursday, a Japan-led bid
which may be more palatable to regulators and management than
rival offers by foreign funds.
    Private equity fund CVC Capital Partners, which has already
made a preliminary offer for Toshiba, may join the bid to take
the conglomerate private, but the Japanese funds would lead the
offer, the newspaper said.
    The newspaper said other government-affiliated funds may
join the bid.
    JIC declined to comment when contacted by Reuters, whereas
Norinchukin officials were not immediately available.
    CVC earlier this month proposed to take Toshiba private, and
is expected to soon provide details of its $20 billion proposal.
    The chairman of Toshiba's board has criticised CVC's offer
so far as "lacking in substance", and has also said it would
require cautious consideration due in part to regulations over
foreign investment in Japanese companies with strategic
    Toshiba's technology is used in missile guidance and other
defence systems, for example.
    Media reports have also named KKR & Co Inc  KKR.N  and
Brookfield as also considering offers for the company. The
Nikkei newspaper on Wednesday said CVC was planning to team up
with Bain Capital.
    The latest report comes a day after Toshiba appointed a new
chief executive after controversy over previous leader Nobuaki
Kurumatani who faced criticism over governance issues.

 (Reporting by Takashi Umekawa and Makiko Yamazaki; Writing by
Ritsuko Ando; Editing by Shri Navaratnam and Christopher
 ((Ritsuko.Ando@reuters.com; +81 3 6441 1743;))
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