Japan state-backed funds consider offer for Toshiba: report


FILE PHOTO: The logo of Toshiba is seen as a shareholder arrives at an extraordinary shareholders meeting in Chiba, Japan, March 30, 2017. REUTERS/Toru Hanai/File Photo

TOKYO (Reuters) - Japan Investment Corp (JIC) and Norinchukin Bank are considering buying Toshiba Corp, 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 technologies.

Toshiba's technology is used in missile guidance and other defence systems, for example.

Media reports have also named KKR & Co Inc 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 Cushing)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

   

Next In Tech News

Italy seeks new options for TIM with network bid seen on hold
Vietnam smartphone exports fall ahead of Christmas as Samsung cuts output
From Amazon to Meta to Twitter: The US tech companies cutting jobs
Musk threatens war with Apple, jeopardising vital relationship
Hyundai Motor, SK On sign EV battery supply pact for N. America
Foxconn offers more bonuses to win back iPhone city staff
Russia's Kudrin to leave Audit Chamber, opening door to Yandex move
Cryptoverse: Messi takes on Ronaldo in fan coin world cup
Crypto exchange Bitfront shuts down
UK waters down online restrictions after free speech outcry

Others Also Read