Newscasts - Toshiba shares delisted after 74 years

Orix

20/12/2023 07:01

Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_07kljr35&referenceId=tag:reuters.com,2023:newsml_RW722520122023RP1_930&pageId=Newscasts
Source: 'Reuters - Business videos'

Description: Toshiba was delisted on Wednesday after 74 years on the Tokyo
exchange, following a decade of upheaval and scandal that brought down one of
Japan's biggest brands and ushered in a buyout and an uncertain future. Julian
Satterthwaite reports.
Short Link: https://refini.tv/3RNvtXo

Video Transcript:

It was a stalwart of the Tokyo Stock Exchange for 74 years, but Wednesday saw
Toshiba shares delisted following a buyout by investors. That came after a
decade of upheaval and scandal that brought chaos to one of Japan's biggest
brands. It's now owned by a group led by private equity firm Japan Industrial
Partners. Other members include financial services firm Orix and chipmaker
Rohm. The $14 billion takeover puts Toshiba back in Japanese hands after years
of battles with overseas activist investors. That had paralyzed the giant
conglomerate, which makes everything from batteries to robots and nuclear
power stations. Now it's very unclear what shape the firm will take under its
new owners. But analysts bet Chief Executive Taro Shimada, who is staying on,
will focus on high margin digital services. Toshiba is widely expected to
start divesting some assets. It's also teamed up with Rohm to invest billions
in new chip production capabilities. One Toshiba watcher said the firm could
have a bright future if it got rid of its low margin units and freed up its
engineers to innovate