Xiaoxiang Morning News.
* |Xinhua News Agency, ** Times.
According to Xinhua News Agency, Japan's Toshiba Corporation held an extraordinary general meeting of shareholders on November 22, passed the company's privatization proposal, and announced that it would be delisted from the Tokyo ** Stock Exchange on December 20.
Since August of this year, a consortium of Japan's leading "Japanese Industrial Partners" (JIP) has launched a tender offer for Toshiba for a total of about 2 trillion yen (1 US dollar is about 149 yen). Toshiba's official website released a document saying that the JIP consortium will acquire the remaining shares from ordinary shareholders and acquire Toshiba as a wholly-owned subsidiary.
Toshiba will be delisted within the year, its 74-year status as a listed company will be terminated, and its shareholders will be unified into a JIP consortium of more than 20 Japanese companies.
At the shareholders' meeting, Toshiba President Taro Shimada pointed out that "Toshiba has taken the world by storm with its amazing technology," and emphasized that by being brought under the umbrella of domestic alliances such as JIP, "we will have a stable shareholder system and make innovative technologies shine in the world again."
Founded in 1875, Toshiba Corporation was once a symbol of the strength of Japan's technology and manufacturing industry, and was listed as Japan's "Big Three" with Sharp and Panasonic, and had a huge influence in the fields of home appliances, electricity, energy, and infrastructure.
In 2015, Toshiba fell into a financial crisis after being exposed to an accounting fraud scandal, and was in a state of management chaos and operational difficulties for a long time. During this period, Toshiba repeatedly reported mergers and acquisitions and restructuring plans, all of which were aborted. Some analysts said that Toshiba's restructuring plan has been difficult to determine for a long time, and this is related to Toshiba's possession of sensitive technology and the fact that the Japanese authorities are particularly cautious in selecting investors.
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