Toshiba looks at two-way split, sale of air conditioner ops

The Nikkei reported earlier that Toshiba will sell its 60% stake in Toshiba Carrier to United States counterpart Carrier Global Corp for around 100 billion yen (US$870mil or RM3.64bil), adding that the two companies have reached an agreement.

TOKYO: Toshiba Corp is considering splitting in half instead of three and offloading its air conditioning business, the Japanese industrial conglomerate says, in an attempt to overcome shareholder opposition to its turnaround plan.

The changes would mark the latest twist in Toshiba’s drawn out battle with foreign shareholders, many of them activists and hedge funds, and highlights the once-mighty conglomerate’s fight to revive itself after a dramatic fall from grace.