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VESTL.E - Vestel Elektronik Sanayi Ve Ticaret AS News Story

TRY25.16 0.0  0.0%

Last Trade - 21/01/22

Sector
Technology
Size
Mid Cap
Market Cap £463.6m
Enterprise Value £912.6m
Revenue £1.61bn
Position in Universe 64th / 653

UPDATE 1-Turkey's Vestel in talks to buy Toshiba television unit -official

(Adds details, background and stock prices) 
    By Ceyda Caglayan 
    ISTANBUL, April 10 (Reuters) - Turkey's Vestel  VESTL.IS  is 
in talks to buy the television unit of Japan's Toshiba Corp 
 6502.T , a Vestel official said on Monday, a deal that could be 
worth a few hundred million dollars and could expand the Turkish 
firm's global presence. 
   "Vestel is in talks with Toshiba," the official said, 
declining to be identified, when asked by Reuters about a report 
it was in negotiations to the buy the unit. 
    Japan's Nikkei newspaper on Saturday said Vestel was a 
potential bidder for the unit, which it said could fetch a few 
hundred million dollars. Chinese companies are also among the 
potential buyers, it said. Toshiba expects to complete the sale 
by the end of next March, the Nikkei said. 
    Toshiba, a televisions-to-construction conglomerate, is 
looking to sell off non-core assets. It expects to book a net 
loss of about $9 billion for the year that ended in March, due 
to a writedown related to cost overruns at its U.S. nuclear unit 
Westinghouse that recently went bankrupt.  urn:newsml:reuters.com:*:nL3N1HC0HE 
    Vestel, a maker of electronics and home appliances, last 
year signed a five-year agreement with Toshiba, giving it the 
right to produce and sell televisions under the Toshiba brand in 
Europe. 
    Vestel accounts for 85 percent of the televisions and 29 
percent of the white goods exported from Turkey. 
    Shares of Vestel were up 3.2 percent at 7.04 lira at 0725 
GMT in Istanbul, while Toshiba shares were up 6.3 percent at 
229.7 yen in Tokyo.    
      
 
 (Reporting by David Dolan; Editing by Daren Butler) 
 ((david.dolan@tr.com; +90 212 350 7046; Reuters Messaging: 
david.dolan.thomsonreuters.com@reuters.net)) 
 
Keywords: TOSHIBA VESTEL/
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